Citizens Business Bank Lowers Holdings in Bank of America Co. (NYSE:BAC)

Citizens Business Bank reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,080 shares of the financial services provider’s stock after selling 4,112 shares during the period. Citizens Business Bank’s holdings in Bank of America were worth $2,494,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Northern Trust Corp raised its stake in Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after buying an additional 1,397,469 shares in the last quarter. Barclays PLC increased its holdings in shares of Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after acquiring an additional 746,756 shares in the last quarter. California Public Employees Retirement System lifted its stake in Bank of America by 5.9% during the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after purchasing an additional 1,250,096 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its holdings in Bank of America by 28.7% in the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after purchasing an additional 4,335,882 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 1.5 %

BAC stock traded down $0.54 during midday trading on Tuesday, reaching $37.01. 30,280,209 shares of the company’s stock traded hands, compared to its average volume of 41,130,859. 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 fifty-two week low of $24.96 and a fifty-two week high of $38.49. The business has a 50-day moving average price of $36.20 and a two-hundred day moving average price of $32.88. The company has a market capitalization of $291.99 billion, a P/E ratio of 12.90, a PEG ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the company posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities research analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. BMO Capital Markets lifted their target price on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $38.59.

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.