Bank of America Co. (NYSE:BAC) Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. trimmed its position in Bank of America Co. (NYSE:BAC) by 1.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,355,052 shares of the financial services provider’s stock after selling 19,266 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Bank of America were worth $59,555,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Laird Norton Wetherby Trust Company LLC boosted its stake in Bank of America by 75.9% in the fourth quarter. Laird Norton Wetherby Trust Company LLC now owns 17,832 shares of the financial services provider’s stock valued at $784,000 after acquiring an additional 7,692 shares in the last quarter. Lighthouse Investment Partners LLC boosted its stake in Bank of America by 4,568.5% in the fourth quarter. Lighthouse Investment Partners LLC now owns 1,004,431 shares of the financial services provider’s stock valued at $44,145,000 after acquiring an additional 982,916 shares in the last quarter. Investment Management Corp of Ontario raised its holdings in shares of Bank of America by 58.8% in the fourth quarter. Investment Management Corp of Ontario now owns 371,177 shares of the financial services provider’s stock worth $16,313,000 after buying an additional 137,425 shares during the last quarter. Investor s Fiduciary Advisor Network LLC purchased a new position in shares of Bank of America in the fourth quarter worth $647,000. Finally, Janus Henderson Group PLC raised its holdings in shares of Bank of America by 58.1% in the fourth quarter. Janus Henderson Group PLC now owns 1,723,030 shares of the financial services provider’s stock worth $75,766,000 after buying an additional 632,988 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAC. Oppenheimer raised their price target on shares of Bank of America from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. UBS Group raised their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Finally, Royal Bank of Canada decreased their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.25.

Bank of America Stock Up 0.6%

BAC opened at $41.85 on Monday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a fifty day moving average of $39.69 and a two-hundred day moving average of $43.49. The stock has a market capitalization of $315.21 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.49%. Bank of America’s payout ratio is 30.95%.

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.