JCIC Asset Management Inc. Sells 372 Shares of Bank of America Corporation (NYSE:BAC)

JCIC Asset Management Inc. lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 4.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,058 shares of the financial services provider’s stock after selling 372 shares during the period. JCIC Asset Management Inc.’s holdings in Bank of America were worth $336,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares during the last quarter. OFI Invest Asset Management bought a new position in Bank of America during the fourth quarter worth $60,679,000. Arizona State Retirement System raised its stake in Bank of America by 0.5% during 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 buying an additional 10,377 shares during the last quarter. Gradient Investments LLC grew its holdings in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares during the period. Finally, Keybank National Association OH grew its holdings in 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 purchasing an additional 38,258 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Argus reduced their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Royal Bank Of Canada reduced their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $47.40.

Bank of America Stock Up 0.8%

Bank of America stock opened at $46.66 on Wednesday. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock 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. The firm’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 quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) 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.