Migdal Insurance & Financial Holdings Ltd. Trims Holdings in Bank of America Co. (NYSE:BAC)

Migdal Insurance & Financial Holdings Ltd. reduced its position in shares of Bank of America Co. (NYSE:BAC) by 32.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,007,804 shares of the financial services provider’s stock after selling 489,546 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Bank of America were worth $33,933,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BAC. Fortis Group Advisors LLC bought a new position in Bank of America during the third quarter valued at about $25,000. Castleview Partners LLC bought a new position in Bank of America during the first quarter valued at about $28,000. Glass Jacobson Investment Advisors llc boosted its stake in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares in the last quarter. ZRC Wealth Management LLC boosted its stake in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares in the last quarter. Finally, Live Oak Investment Partners bought a new position in Bank of America during the fourth quarter valued at about $39,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on BAC shares. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research report on Tuesday, January 16th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Oppenheimer cut their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $38.29.

Bank of America Stock Performance

NYSE:BAC traded up $0.90 during mid-day trading on Wednesday, hitting $35.58. 36,157,514 shares of the stock were exchanged, compared to its average volume of 41,123,273. The stock has a market capitalization of $280.75 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50-day simple moving average is $35.51 and its 200 day simple moving average is $32.19. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.70%. Bank of America’s dividend payout ratio is presently 31.27%.

Bank of America Profile

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.