Bank of America Co. (NYSE:BAC) Holdings Cut by GoodHaven Capital Management LLC

GoodHaven Capital Management LLC reduced its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 464,829 shares of the financial services provider’s stock after selling 5,532 shares during the period. Bank of America makes up 6.6% of GoodHaven Capital Management LLC’s portfolio, making the stock its 5th biggest holding. GoodHaven Capital Management LLC’s holdings in Bank of America were worth $19,397,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BAC. Collier Financial bought a new position in Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc boosted its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions bought a new stake in Bank of America in the 4th quarter worth approximately $30,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BAC shares. UBS Group lifted their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. TD Cowen initiated coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup lowered their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.01 on Monday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The stock has a market capitalization of $339.01 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. The company’s 50-day moving average is $40.71 and its 200 day moving average is $43.46. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, sell-side analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s payout ratio is 30.95%.

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.