Gemmer Asset Management LLC Sells 550 Shares of Bank of America Co. (NYSE:BAC)

Gemmer Asset Management LLC lowered its stake in Bank of America Co. (NYSE:BAC) by 4.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 12,633 shares of the financial services provider’s stock after selling 550 shares during the quarter. Gemmer Asset Management LLC’s holdings in Bank of America were worth $527,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 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 valued at $173,168,000 after acquiring an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Bank of America during the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System raised its holdings in shares of 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 valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Gradient Investments LLC raised its holdings in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after acquiring an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH raised its holdings in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.4%

NYSE BAC opened at $45.01 on Friday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a market cap 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 stock’s fifty day moving average price is $40.71 and its 200-day moving average price is $43.50. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Cowen initiated coverage on Bank of America in a report on Wednesday, May 14th. They set a “buy” rating for the company. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Finally, Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.