CHICAGO TRUST Co NA Sells 2,708 Shares of Bank of America Co. (NYSE:BAC)

CHICAGO TRUST Co NA lowered its position in Bank of America Co. (NYSE:BAC) by 2.7% in the first quarter, Holdings Channel.com reports. The fund owned 99,252 shares of the financial services provider’s stock after selling 2,708 shares during the period. Bank of America makes up 0.7% of CHICAGO TRUST Co NA’s investment portfolio, making the stock its 27th largest holding. CHICAGO TRUST Co NA’s holdings in Bank of America were worth $4,142,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Collier Financial bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc lifted its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions bought a new position in shares of Bank of America during the 4th quarter worth approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several analyst reports. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Trading Up 1.4%

BAC stock opened at $45.01 on Monday. The company has a market cap of $339.01 billion, a P/E ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day moving average of $40.71 and a 200-day moving average of $43.46.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s dividend payout ratio is presently 30.95%.

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.