Acropolis Investment Management LLC Sells 301 Shares of Bank of America Co. (NYSE:BAC)

Acropolis Investment Management LLC trimmed its position in Bank of America Co. (NYSE:BAC) by 2.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 13,496 shares of the financial services provider’s stock after selling 301 shares during the period. Acropolis Investment Management LLC’s holdings in Bank of America were worth $563,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BAC. Geode Capital Management LLC boosted its stake in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors boosted its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on BAC. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. UBS Group boosted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Keefe, Bruyette & Woods dropped their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Finally, TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Trading Up 0.7%

Shares of NYSE BAC opened at $44.40 on Tuesday. 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 cap of $334.39 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The firm has a 50-day moving average of $41.69 and a 200 day moving average of $43.34. 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 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 business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.34%. Bank of America’s dividend payout ratio is presently 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.