Bank of America Co. (NYSE:BAC) Stock Holdings Decreased by Rockland Trust Co.

Rockland Trust Co. reduced its position in Bank of America Co. (NYSE:BAC) by 31.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,457 shares of the financial services provider’s stock after selling 36,167 shares during the period. Rockland Trust Co.’s holdings in Bank of America were worth $3,274,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Avalon Trust Co increased its position in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 220 shares in the last quarter. Consolidated Planning Corp grew its position in Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 226 shares in the last quarter. TAGStone Capital Inc. grew its position in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 227 shares in the last quarter. Finally, TFB Advisors LLC grew its position in Bank of America by 3.8% during the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 230 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on BAC shares. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Finally, Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Stock Down 0.3%

Shares of NYSE:BAC opened at $44.61 on Friday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company’s 50-day moving average price is $41.32 and its two-hundred day moving average price is $43.44. 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 firm has a market cap of $336.00 billion, a P/E ratio of 13.85, a P/E/G ratio of 1.21 and a beta of 1.30.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. Bank of America’s dividend payout ratio is 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.