Generate Investment Management Ltd Has $5.66 Million Holdings in Bank of America Corporation (NYSE:BAC)

Generate Investment Management Ltd lowered its stake in Bank of America Corporation (NYSE:BAC) by 79.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 135,738 shares of the financial services provider’s stock after selling 512,602 shares during the quarter. Generate Investment Management Ltd’s holdings in Bank of America were worth $5,664,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Avalon Trust Co lifted its position in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares during the last quarter. TAGStone Capital Inc. lifted its position in shares of Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after purchasing an additional 227 shares during the last quarter. Hayek Kallen Investment Management lifted its position in shares of Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 233 shares during the last quarter. Continuum Advisory LLC lifted its position in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the last quarter. Finally, Menard Financial Group LLC lifted its position in shares of Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BAC shares. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research report on Monday. Cowen started coverage on Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. Finally, Evercore ISI lowered their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Bank of America Stock Up 0.8%

NYSE BAC opened at $46.66 on Wednesday. The firm has a market cap of $351.46 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The stock’s 50 day simple moving average is $42.72 and its 200 day simple moving average is $43.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal 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 given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America’s dividend payout ratio (DPR) is presently 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.