Zweig DiMenna Associates LLC Sells 24,388 Shares of Bank of America (BAC)

Zweig DiMenna Associates LLC lessened its stake in Bank of America (NYSE:BAC) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 551,796 shares of the financial services provider’s stock after selling 24,388 shares during the period. Bank of America comprises about 1.5% of Zweig DiMenna Associates LLC’s holdings, making the stock its 23rd largest holding. Zweig DiMenna Associates LLC’s holdings in Bank of America were worth $16,548,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. increased its holdings in Bank of America by 7.5% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock valued at $1,639,000 after purchasing an additional 4,537 shares during the period. Gofen & Glossberg LLC IL grew its holdings in shares of Bank of America by 58.7% during the 3rd quarter. Gofen & Glossberg LLC IL now owns 53,677 shares of the financial services provider’s stock worth $1,360,000 after acquiring an additional 19,854 shares during the period. Pennsylvania Trust Co grew its holdings in shares of Bank of America by 147.7% during the 4th quarter. Pennsylvania Trust Co now owns 277,161 shares of the financial services provider’s stock worth $8,191,000 after acquiring an additional 165,252 shares during the period. Grassi Investment Management grew its holdings in shares of Bank of America by 3.4% during the 4th quarter. Grassi Investment Management now owns 457,175 shares of the financial services provider’s stock worth $13,496,000 after acquiring an additional 15,000 shares during the period. Finally, Athena Capital Advisors LLC grew its holdings in shares of Bank of America by 11.1% during the 3rd quarter. Athena Capital Advisors LLC now owns 84,685 shares of the financial services provider’s stock worth $2,146,000 after acquiring an additional 8,450 shares during the period. 67.22% of the stock is owned by institutional investors.

BAC has been the topic of a number of research analyst reports. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Jefferies Group reiterated a “buy” rating and set a $34.00 target price on shares of Bank of America in a report on Tuesday, April 17th. Vetr downgraded Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.17 target price on the stock. in a report on Tuesday, April 17th. Vining Sparks initiated coverage on Bank of America in a report on Monday, April 16th. They set a “buy” rating and a $35.00 target price on the stock. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $35.00 target price on shares of Bank of America in a report on Thursday, April 5th. Nine investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $32.13.

Shares of BAC opened at $30.55 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America has a 52 week low of $22.07 and a 52 week high of $33.05. The company has a market capitalization of $309.97 billion, a PE ratio of 16.69, a P/E/G ratio of 1.48 and a beta of 1.37.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.03. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. analysts forecast that Bank of America will post 2.55 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $0.48 annualized dividend and a yield of 1.57%. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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