1ST Source Bank Sells 5,368 Shares of Bank of America Co. (NYSE:BAC)

1ST Source Bank reduced its holdings in Bank of America Co. (NYSE:BAC) by 5.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 95,803 shares of the financial services provider’s stock after selling 5,368 shares during the period. 1ST Source Bank’s holdings in Bank of America were worth $2,623,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC lifted its holdings in Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of America during the 4th quarter worth $3,436,543,000. Barclays PLC increased its position in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Snider Financial Group raised its holdings in Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after buying an additional 14,297,496 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in Bank of America by 3,474.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock valued at $480,579,000 after buying an additional 11,332,721 shares during the last quarter. Hedge funds and other institutional investors own 68.06% of the company’s stock.

Bank of America Stock Performance

NYSE BAC traded up $0.72 on Monday, reaching $33.79. The stock had a trading volume of 16,388,196 shares, compared to its average volume of 42,077,875. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $267.40 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 1.51 and a beta of 1.39. The business’s 50-day moving average price is $32.95 and its 200 day moving average price is $30.10. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $35.99.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period last year, the company earned $0.85 earnings per share. As a group, equities analysts expect that Bank of America Co. will post 3.14 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be paid a $0.24 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.84%. Bank of America’s payout ratio is 31.27%.

Insider Buying and Selling

In related news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of the company’s stock in a transaction that occurred on Wednesday, December 27th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $57,002.88. Following the transaction, the insider now owns 5,398 shares in the company, valued at approximately $57,002.88. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on BAC shares. Oppenheimer boosted their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Barclays upped their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. BMO Capital Markets dropped their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, The Goldman Sachs Group boosted their target price on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $35.53.

View Our Latest Report on Bank of America

Bank of America Company Profile

(Free Report)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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