Byrne Asset Management LLC Has $290,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Byrne Asset Management LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 4.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,946 shares of the financial services provider’s stock after selling 325 shares during the quarter. Byrne Asset Management LLC’s holdings in Bank of America were worth $290,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Sovran Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth $272,000. Leavell Investment Management Inc. grew its holdings in shares of Bank of America by 37.4% during the 4th quarter. Leavell Investment Management Inc. now owns 15,951 shares of the financial services provider’s stock worth $701,000 after purchasing an additional 4,342 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Bank of America by 243.1% during the 4th quarter. Van ECK Associates Corp now owns 65,991 shares of the financial services provider’s stock worth $2,900,000 after purchasing an additional 46,760 shares in the last quarter. Finally, Consolidated Planning Corp grew its holdings in shares of Bank of America by 2.9% during the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock worth $356,000 after purchasing an additional 226 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BAC shares. Citigroup reduced their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Argus reduced their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. TD Cowen assumed coverage on Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective on the stock. The Goldman Sachs Group raised their price objective on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Royal Bank of Canada reduced their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Price Performance

Shares of BAC opened at $44.04 on Friday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $331.67 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The business has a 50-day moving average of $41.50 and a 200-day moving average of $43.42.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities research analysts anticipate 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 announced 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 2.36%. Bank of America’s payout ratio is currently 30.95%.

Bank of America Company 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.