Bank of America Co. (NYSE:BAC) Position Trimmed by Opinicus Capital Inc.

Opinicus Capital Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,474 shares of the financial services provider’s stock after selling 310 shares during the period. Opinicus Capital Inc.’s holdings in Bank of America were worth $776,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Norges Bank acquired a new position in Bank of America in the 4th quarter worth approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after purchasing an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd boosted its stake in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Finally, Darsana Capital Partners LP acquired a new position in Bank of America in the 3rd quarter worth approximately $177,970,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BAC. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. HSBC reiterated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. JPMorgan Chase & Co. increased their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their price target for the company from $37.00 to $46.00 in a report on Friday, June 14th. Finally, BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Stock Performance

BAC stock traded up $0.52 on Friday, reaching $39.77. 52,028,200 shares of the company were exchanged, compared to its average volume of 35,164,596. The firm has a market capitalization of $311.02 billion, a PE ratio of 13.76, a PEG ratio of 1.50 and a beta of 1.36. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34. The stock’s fifty day moving average price is $38.91 and its 200 day moving average price is $36.06. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

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.