Bank of America Co. (NYSE:BAC) Shares Sold by Mountain Pacific Investment Advisers LLC

Mountain Pacific Investment Advisers LLC lessened its position in Bank of America Co. (NYSE:BAC) by 9.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,743 shares of the financial services provider’s stock after selling 1,043 shares during the period. Mountain Pacific Investment Advisers LLC’s holdings in Bank of America were worth $407,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Bank of America in the 4th quarter worth about $60,679,000. Arizona State Retirement System increased its holdings in shares of Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares during the period. Gradient Investments LLC increased its stake in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after buying an additional 50,296 shares during the period. Finally, Keybank National Association OH increased its stake in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Argus lowered their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Performance

BAC stock opened at $44.40 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $334.39 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.21 and a beta of 1.30. The firm has a 50 day simple moving average of $41.69 and a 200 day simple moving average of $43.34. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is presently 30.95%.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.