Bank of America Corporation (NYSE:BAC) Shares Sold by Beckerman Institutional LLC

Beckerman Institutional LLC reduced its position in Bank of America Corporation (NYSE:BAC) by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,945 shares of the financial services provider’s stock after selling 511 shares during the period. Beckerman Institutional LLC’s holdings in Bank of America were worth $457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors raised its holdings in 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 in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% in 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 in the last quarter. Northern Trust Corp raised its holdings in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in Bank of America by 39.6% during the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider’s stock worth $1,457,031,000 after purchasing an additional 9,409,076 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 0.7%

Shares of Bank of America stock traded up $0.31 during midday trading on Friday, reaching $47.33. The company had a trading volume of 48,220,966 shares, compared to its average volume of 40,515,517. The stock has a fifty day moving average price of $45.53 and a 200 day moving average price of $43.65. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.78. The firm has a market cap of $356.48 billion, a PE ratio of 13.84, a P/E/G ratio of 1.28 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.83 earnings per share. On average, equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. Bank of America’s dividend payout ratio (DPR) is 30.41%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. 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 report on Wednesday, April 16th. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Evercore ISI reduced their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.03.

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.