Brinker Capital Inc. lessened its holdings in Bank of America Corp (NYSE:BAC) by 68.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,635 shares of the financial services provider’s stock after selling 22,582 shares during the quarter. Brinker Capital Inc.’s holdings in Bank of America were worth $262,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp boosted its stake in Bank of America by 1.7% during the 4th quarter. Northern Trust Corp now owns 101,947,104 shares of the financial services provider’s stock worth $2,511,976,000 after acquiring an additional 1,696,074 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Bank of America by 2,345.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock valued at $2,351,000 after buying an additional 55,563,977 shares in the last quarter. Standard Life Aberdeen plc lifted its stake in Bank of America by 2.3% in the third quarter. Standard Life Aberdeen plc now owns 20,334,753 shares of the financial services provider’s stock valued at $599,163,000 after buying an additional 455,380 shares in the last quarter. Sanders Capital LLC lifted its stake in Bank of America by 3.2% in the fourth quarter. Sanders Capital LLC now owns 18,621,007 shares of the financial services provider’s stock valued at $506,236,000 after buying an additional 584,443 shares in the last quarter. Finally, Eaton Vance Management lifted its stake in Bank of America by 32.4% in the fourth quarter. Eaton Vance Management now owns 16,638,057 shares of the financial services provider’s stock valued at $409,962,000 after buying an additional 4,071,262 shares in the last quarter. 65.22% of the stock is currently owned by institutional investors.

NYSE BAC opened at $29.84 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.91. The company has a market capitalization of $309.05 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 1.27 and a beta of 1.47.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.07. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The company had revenue of $22.89 billion for the quarter, compared to the consensus estimate of $22.37 billion. During the same period last year, the company earned $0.48 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. On average, analysts predict that Bank of America Corp will post 2.85 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.15 dividend. The ex-dividend date was Thursday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.01%. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

A number of brokerages have weighed in on BAC. Oppenheimer lifted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Tuesday, March 26th. HSBC began coverage on shares of Bank of America in a research note on Thursday, April 4th. They issued a “hold” rating and a $29.00 price target on the stock. Robert W. Baird reaffirmed a “hold” rating and issued a $28.00 price target on shares of Bank of America in a research note on Wednesday, January 2nd. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Tuesday, March 12th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Tuesday, January 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. Bank of America currently has a consensus rating of “Hold” and a consensus price target of $33.37.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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