Salem Capital Management Inc. increased its position in Bank of America Corp (NYSE:BAC) by 0.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 292,091 shares of the financial services provider’s stock after buying an additional 2,400 shares during the period. Bank of America accounts for about 4.4% of Salem Capital Management Inc.’s investment portfolio, making the stock its 7th biggest position. Salem Capital Management Inc.’s holdings in Bank of America were worth $8,059,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in Bank of America during the fourth quarter valued at approximately $2,656,024,000. Northern Trust Corp raised its position in Bank of America by 1.7% during the fourth quarter. Northern Trust Corp now owns 101,947,104 shares of the financial services provider’s stock valued at $2,511,976,000 after purchasing an additional 1,696,074 shares during the period. Harris Associates L P raised its position in Bank of America by 0.8% during the fourth quarter. Harris Associates L P now owns 81,107,007 shares of the financial services provider’s stock valued at $1,998,477,000 after purchasing an additional 669,104 shares during the period. Oregon Public Employees Retirement Fund raised its position in Bank of America by 2,345.4% during 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 purchasing an additional 55,563,977 shares during the period. Finally, Legal & General Group Plc raised its position in Bank of America by 5.7% during the fourth quarter. Legal & General Group Plc now owns 43,093,827 shares of the financial services provider’s stock valued at $1,061,797,000 after purchasing an additional 2,322,908 shares during the period. Institutional investors own 65.10% of the company’s stock.

In related news, insider Dean C. Athanasia sold 129,615 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the transaction, the insider now owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is owned by corporate insiders.

A number of brokerages have issued reports on BAC. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a report on Tuesday, April 30th. Oppenheimer increased their price target on Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Tuesday, March 26th. HSBC began coverage on Bank of America in a report on Thursday, April 4th. They issued a “hold” rating and a $29.00 price target on the stock. Finally, Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. Bank of America presently has an average rating of “Hold” and an average target price of $32.98.

Shares of NYSE BAC opened at $28.29 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.91. The company has a market capitalization of $293.17 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 1.24 and a beta of 1.49.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion for the quarter, compared to the consensus estimate of $23.24 billion. During the same period in the prior year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was down .4% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corp will post 2.86 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.15 dividend. The ex-dividend date is Thursday, June 6th. This represents a $0.60 annualized dividend and a yield of 2.12%. Bank of America’s dividend payout ratio (DPR) is currently 22.99%.

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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 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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