Field & Main Bank Reduces Stock Position in Bank of America Corporation (NYSE:BAC)

Field & Main Bank lowered its stake in Bank of America Corporation (NYSE:BAC) by 1.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,375 shares of the financial services provider’s stock after selling 300 shares during the period. Field & Main Bank’s holdings in Bank of America were worth $1,017,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in BAC. Geode Capital Management LLC increased its position in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Norges Bank bought a new position in Bank of America during the fourth quarter valued at $5,226,989,000. Capital World Investors raised its stake in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BAC shares. Cfra Research upped their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Royal Bank Of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Citigroup dropped their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. The Goldman Sachs Group upped their price objective on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Bank of America Trading Up 0.8%

Shares of NYSE BAC opened at $46.66 on Wednesday. The firm has a 50 day moving average price of $42.72 and a two-hundred day moving average price of $43.30. The stock has a market cap of $351.46 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 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.