Bank of America Corp (BAC) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in Bank of America Corp (NYSE:BAC) by 9.6% in the 1st quarter, HoldingsChannel reports. The firm owned 4,508,755 shares of the financial services provider’s stock after selling 479,340 shares during the period. Bank of America accounts for about 1.0% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings, making the stock its 11th largest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Bank of America were worth $135,218,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital Investment Advisors LLC increased its position in Bank of America by 4.2% during the fourth quarter. Capital Investment Advisors LLC now owns 434,468 shares of the financial services provider’s stock worth $12,825,000 after buying an additional 17,335 shares in the last quarter. HWG Holdings LP increased its position in Bank of America by 37.5% during the fourth quarter. HWG Holdings LP now owns 6,281 shares of the financial services provider’s stock worth $185,000 after buying an additional 1,713 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in Bank of America by 4.9% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 35,372 shares of the financial services provider’s stock worth $1,044,000 after buying an additional 1,660 shares in the last quarter. Burns J W & Co. Inc. NY increased its position in Bank of America by 25.5% during the fourth quarter. Burns J W & Co. Inc. NY now owns 53,640 shares of the financial services provider’s stock worth $1,583,000 after buying an additional 10,891 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in Bank of America by 2.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 34,266,899 shares of the financial services provider’s stock worth $1,011,383,000 after buying an additional 867,039 shares in the last quarter. 66.94% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts have weighed in on BAC shares. Vetr raised Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price target for the company in a research report on Thursday, March 1st. Credit Suisse Group raised their price target on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, March 16th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $35.00 price target on shares of Bank of America in a research report on Thursday, April 5th. Vining Sparks started coverage on Bank of America in a research report on Monday, April 16th. They set a “buy” rating and a $35.00 price target for the company. Finally, Jefferies Financial Group reissued a “buy” rating and set a $34.00 price target on shares of Bank of America in a research report on Tuesday, April 17th. Nine investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $32.13.

Shares of NYSE:BAC opened at $28.99 on Friday. The firm has a market capitalization of $299.53 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 1.44 and a beta of 1.34. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 52 week low of $22.73 and a 52 week high of $33.05.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The business had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.04 billion. During the same quarter in the previous year, the business earned $0.41 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. research analysts anticipate that Bank of America Corp will post 2.53 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, May 31st. Bank of America’s payout ratio is currently 26.23%.

About Bank of America

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.

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

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