Bank of America Co. (NYSE:BAC) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. reduced its position in shares of Bank of America Co. (NYSE:BAC) by 17.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,581 shares of the financial services provider’s stock after selling 19,104 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Bank of America were worth $3,359,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth about $3,734,407,000. Price T Rowe Associates Inc. MD grew its position in shares of 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 valued at $3,502,720,000 after buying an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Bank of America by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after acquiring an additional 1,315,056 shares in the last quarter. Parnassus Investments LLC lifted its position in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors grew its holdings in shares of Bank of America by 12.1% during the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after purchasing an additional 4,338,679 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on BAC. 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. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Evercore ISI increased their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Wells Fargo & Company raised their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Trading Up 1.3 %

Shares of Bank of America stock opened at $39.77 on Friday. The business has a 50 day moving average price of $38.91 and a 200 day moving average price of $36.10. The company has a market capitalization of $311.02 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.52 and a beta of 1.36. 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 1 year low of $24.96 and a 1 year high of $40.34.

Bank of America (NYSE:BAC) last posted 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. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid 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.