Bank of America Co. (NYSE:BAC) Shares Sold by TD Asset Management Inc.

TD Asset Management Inc. lessened its position in shares of Bank of America Co. (NYSE:BAC) by 2.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 8,510,559 shares of the financial services provider’s stock after selling 185,763 shares during the quarter. TD Asset Management Inc.’s holdings in Bank of America were worth $378,635,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cassady Schiller Wealth Management LLC purchased a new stake in Bank of America during the fourth quarter valued at about $39,000. Private Ocean LLC grew its position in Bank of America by 67.1% during the third quarter. Private Ocean LLC now owns 879 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 353 shares during the period. Horan Securities Inc. purchased a new stake in Bank of America during the fourth quarter valued at about $42,000. Country Trust Bank grew its position in Bank of America by 51.4% during the fourth quarter. Country Trust Bank now owns 945 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 321 shares during the period. Finally, Level Financial Advisors Inc. purchased a new stake in Bank of America during the fourth quarter valued at about $50,000. 70.46% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on BAC shares. Morgan Stanley raised Bank of America from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $51.00 to $49.00 in a research report on Monday, March 28th. BMO Capital Markets decreased their target price on Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a research report on Tuesday, April 19th. JPMorgan Chase & Co. upped their target price on Bank of America from $52.50 to $53.50 in a research report on Thursday, February 3rd. StockNews.com started coverage on Bank of America in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Argus upped their target price on Bank of America from $50.00 to $55.00 in a research report on Thursday, January 20th. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $50.41.

Shares of Bank of America stock traded down $0.61 on Tuesday, reaching $35.76. 60,221,984 shares of the company were exchanged, compared to its average volume of 54,789,063. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.74 and a current ratio of 0.74. The company’s 50-day moving average is $39.89 and its two-hundred day moving average is $44.00. The firm has a market cap of $288.11 billion, a price-to-earnings ratio of 10.22, a P/E/G ratio of 1.63 and a beta of 1.39. Bank of America Co. has a 1-year low of $35.18 and a 1-year high of $50.11.

Bank of America (NYSE:BACGet Rating) last announced its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The business had revenue of $23.20 billion for the quarter, compared to analysts’ expectations of $23.09 billion. During the same period in the prior year, the firm earned $0.86 EPS. The business’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of America Co. will post 3.28 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, June 2nd. Bank of America’s dividend payout ratio (DPR) is 24.00%.

Bank of America Company Profile (Get Rating)

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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