Twin Capital Management Inc. Sells 15,238 Shares of Bank of America Co. (NYSE:BAC)

Twin Capital Management Inc. lessened its position in shares of Bank of America Co. (NYSE:BAC) by 6.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 207,125 shares of the financial services provider’s stock after selling 15,238 shares during the quarter. Bank of America makes up about 0.9% of Twin Capital Management Inc.’s investment portfolio, making the stock its 16th largest position. Twin Capital Management Inc.’s holdings in Bank of America were worth $6,974,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Roundview Capital LLC boosted its stake in Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after buying an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in Bank of America by 150.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after buying an additional 1,192 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank acquired a new stake in Bank of America in the 1st quarter valued at $586,000. Finally, Pearl River Capital LLC acquired a new stake in Bank of America in the 1st quarter valued at $534,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.29.

Bank of America Trading Up 1.3 %

Shares of BAC stock traded up $0.46 on Thursday, reaching $35.69. 19,878,121 shares of the stock were exchanged, compared to its average volume of 41,242,539. The stock has a market cap of $281.62 billion, a PE ratio of 12.37, a P/E/G ratio of 1.58 and a beta of 1.39. Bank of America Co. has a one year low of $24.96 and a one year high of $38.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.80. The stock has a 50 day moving average price of $35.55 and a 200 day moving average price of $32.21.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.94 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.69%. Bank of America’s payout ratio is currently 33.22%.

Bank of America Company 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.