Chesapeake Wealth Management cut its position in shares of Bank of America Corp (NYSE:BAC) by 7.6% in the first quarter, HoldingsChannel reports. The firm owned 19,882 shares of the financial services provider’s stock after selling 1,636 shares during the period. Chesapeake Wealth Management’s holdings in Bank of America were worth $548,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter worth about $2,656,024,000. Northern Trust Corp raised its stake in shares of 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 purchasing an additional 1,696,074 shares in the last quarter. Harris Associates L P raised its stake in shares of Bank of America by 0.8% in the 4th 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 acquiring an additional 669,104 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Bank of America by 2,345.4% in the 4th 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 acquiring an additional 55,563,977 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Bank of America by 5.7% in the 4th 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 acquiring an additional 2,322,908 shares in the last quarter. 65.10% of the stock is owned by institutional investors.

A number of research analysts recently weighed in on BAC shares. UBS Group set a $33.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Saturday, February 2nd. Daiwa Capital Markets downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research note on Friday, February 8th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Oppenheimer raised their price objective on Bank of America from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Tuesday, March 26th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Monday, January 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. Bank of America presently has an average rating of “Hold” and an average price target of $32.98.

Shares of BAC stock opened at $28.40 on Tuesday. 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 twelve month low of $22.66 and a twelve month high of $31.91. The company has a market capitalization of $290.92 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.24 and a beta of 1.49.

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

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Thursday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 22.99%.

In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of the firm’s 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 sale, the insider now owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

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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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