City Holding Co. Sells 3,489 Shares of Bank of America Co. (NYSE:BAC)

City Holding Co. trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 9.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,613 shares of the financial services provider’s stock after selling 3,489 shares during the quarter. City Holding Co.’s holdings in Bank of America were worth $1,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. boosted its position in Bank of America by 5.1% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 18,816 shares of the financial services provider’s stock valued at $515,000 after buying an additional 916 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Bank of America by 8.2% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 121,108 shares of the financial services provider’s stock valued at $3,316,000 after purchasing an additional 9,214 shares during the period. Eagle Asset Management Inc. raised its stake in shares of Bank of America by 3.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 88,882 shares of the financial services provider’s stock valued at $2,434,000 after purchasing an additional 2,956 shares during the period. Covestor Ltd raised its stake in shares of Bank of America by 11.6% in the 3rd quarter. Covestor Ltd now owns 4,133 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 428 shares during the period. Finally, Jacobi Capital Management LLC raised its stake in shares of Bank of America by 1.2% in the 3rd quarter. Jacobi Capital Management LLC now owns 168,892 shares of the financial services provider’s stock valued at $4,624,000 after purchasing an additional 1,925 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on BAC. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research note on Friday, April 19th. BMO Capital Markets raised their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, HSBC restated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. 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.com, Bank of America currently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Trading Up 1.7 %

Shares of Bank of America stock traded up $0.69 during trading on Monday, hitting $40.18. The company’s stock had a trading volume of 5,415,955 shares, compared to its average volume of 38,738,039. 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 Co. has a 52 week low of $24.96 and a 52 week high of $40.31. The stock has a market cap of $314.22 billion, a price-to-earnings ratio of 13.66, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The stock has a 50-day moving average price of $38.53 and a two-hundred day moving average price of $35.83.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.39%. Bank of America’s dividend 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.