Bank of America Co. (NYSE:BAC) Shares Sold by Cambridge Financial Group Inc.

Cambridge Financial Group Inc. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 0.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 216,491 shares of the financial services provider’s stock after selling 1,560 shares during the period. Bank of America accounts for approximately 3.7% of Cambridge Financial Group Inc.’s holdings, making the stock its 6th biggest holding. Cambridge Financial Group Inc.’s holdings in Bank of America were worth $7,289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC bought a new position in shares of Bank of America in the 3rd quarter valued at about $25,000. Criterion Capital Advisors LLC acquired a new stake in Bank of America during the 4th quarter worth $32,000. Glass Jacobson Investment Advisors llc raised its position in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. ZRC Wealth Management LLC lifted its stake in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC boosted its position in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on BAC. Evercore ISI increased their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Finally, 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $38.70.

Bank of America Stock Up 1.0 %

Shares of NYSE BAC traded up $0.37 during midday trading on Friday, reaching $37.25. The company’s stock had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. The stock has a 50 day simple moving average of $36.46 and a 200-day simple moving average of $33.08. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.65 and a beta of 1.37. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. Equities research analysts predict that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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