Bank of America Co. (NYSE:BAC) Shares Sold by Nan Shan Life Insurance Co. Ltd.

Nan Shan Life Insurance Co. Ltd. decreased its stake in Bank of America Co. (NYSE:BAC) by 22.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 932,522 shares of the financial services provider’s stock after selling 275,527 shares during the quarter. Nan Shan Life Insurance Co. Ltd.’s holdings in Bank of America were worth $40,984,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management purchased a new position in Bank of America in the fourth quarter valued at $60,679,000. Arizona State Retirement System raised its position in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after acquiring an additional 10,377 shares during the period. Keybank National Association OH raised its position in shares of Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after acquiring an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 2.1%

Shares of NYSE:BAC opened at $44.28 on Wednesday. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The stock has a market cap of $333.51 billion, a P/E ratio of 13.75, a PEG ratio of 1.21 and a beta of 1.27. The business has a fifty day moving average of $39.77 and a two-hundred day moving average of $43.51. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several recent analyst reports. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. UBS Group upped their target price on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $47.25.

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.