Schroder Investment Management Group Sells 412,125 Shares of Bank of America Co. (NYSE:BAC)

Schroder Investment Management Group trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 9.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,818,278 shares of the financial services provider’s stock after selling 412,125 shares during the quarter. Schroder Investment Management Group’s holdings in Bank of America were worth $128,561,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in Bank of America during the 3rd quarter worth approximately $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares in the last quarter. ZRC Wealth Management LLC increased its position in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC increased its position in shares of Bank of America by 34.0% in the fourth 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. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. BMO Capital Markets increased their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. HSBC reissued a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $39.26.

Check Out Our Latest Research Report on BAC

Bank of America Trading Up 0.8 %

Shares of NYSE BAC traded up $0.32 during midday trading on Friday, hitting $39.78. 25,787,241 shares of the company traded hands, compared to its average volume of 39,021,664. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.19. The firm has a market cap of $311.09 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.77 and a beta of 1.36. The stock has a 50-day moving average price of $38.03 and a 200 day moving average price of $35.09. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BACGet Free Report) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts expect that Bank of America Co. will post 3.23 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Bank of America Profile

(Free Report)

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.

Further Reading

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

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