Bank of America Co. (NYSE:BAC) Shares Sold by Nan Fung Trinity HK Ltd.

Nan Fung Trinity HK Ltd. reduced its position in shares of Bank of America Co. (NYSE:BAC) by 27.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 944,100 shares of the financial services provider’s stock after selling 365,800 shares during the quarter. Bank of America comprises about 6.6% of Nan Fung Trinity HK Ltd.’s portfolio, making the stock its 5th biggest position. Nan Fung Trinity HK Ltd.’s holdings in Bank of America were worth $31,788,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new position in Bank of America during the 3rd quarter worth $25,000. Glass Jacobson Investment Advisors llc grew its position in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares in the last quarter. Criterion Capital Advisors LLC purchased a new stake in Bank of America in the 4th quarter valued at about $32,000. ZRC Wealth Management LLC boosted its stake in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC increased its position in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BAC shares. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company increased their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. HSBC reissued a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Finally, Oppenheimer increased their price target on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.70.

Bank of America Price Performance

BAC stock traded up $0.58 during midday trading on Thursday, reaching $38.29. The company had a trading volume of 17,144,411 shares, compared to its average volume of 40,241,625. The firm has a 50-day moving average price of $36.61 and a 200-day moving average price of $33.31. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $299.44 billion, a P/E ratio of 13.13, a P/E/G ratio of 1.66 and a beta of 1.37. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.51%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

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.