Psagot Value Holdings Ltd. Israel Reduces Position in Bank of America Co. (NYSE:BAC)

Psagot Value Holdings Ltd. Israel lessened its holdings in shares of Bank of America Co. (NYSE:BAC) by 35.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,673 shares of the financial services provider’s stock after selling 33,185 shares during the period. Psagot Value Holdings Ltd. Israel’s holdings in Bank of America were worth $2,501,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Bromfield Sneider Wealth Advisors purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $26,000. Corbenic Partners LLC grew its stake in shares of Bank of America by 201.9% in the 1st quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock valued at $26,000 after buying an additional 422 shares during the period. Bivin & Associates Inc. purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $28,000. Capital Management Associates NY acquired a new position in shares of Bank of America in the 1st quarter worth approximately $31,000. Finally, Reitz Capital Advisors LLC acquired a new position in shares of Bank of America in the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 68.48% of the company’s stock.

Bank of America Trading Up 0.8 %

NYSE BAC opened at $34.94 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74. The firm’s fifty day moving average price is $33.63 and its 200 day moving average price is $36.39. The company has a market capitalization of $280.75 billion, a price-to-earnings ratio of 10.92, a price-to-earnings-growth ratio of 1.55 and a beta of 1.37. Bank of America Co. has a 12 month low of $29.67 and a 12 month high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The company had revenue of $22.69 billion during the quarter, compared to analysts’ expectations of $22.79 billion. During the same period last year, the business earned $1.03 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Co. will post 3.2 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be given a dividend of $0.22 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.52%. The ex-dividend date is Thursday, September 1st. Bank of America’s dividend payout ratio (DPR) is presently 27.50%.

Analysts Set New Price Targets

Several equities analysts have recently commented on BAC shares. Royal Bank of Canada decreased their price objective on shares of Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Jefferies Financial Group decreased their price objective on shares of Bank of America from $43.00 to $33.00 in a report on Monday, July 11th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective on the stock in a report on Monday, July 11th. Morgan Stanley decreased their price objective on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 12th. Finally, Barclays decreased their price objective on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.66.

Bank of America Profile

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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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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

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