Bank of America Co. (NYSE:BAC) Shares Sold by Twin Capital Management Inc.

Twin Capital Management Inc. lessened its position in shares of Bank of America Co. (NYSE:BAC) by 6.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 207,125 shares of the financial services provider’s stock after selling 15,238 shares during the period. Bank of America comprises 0.9% of Twin Capital Management Inc.’s investment portfolio, making the stock its 16th biggest holding. Twin Capital Management Inc.’s holdings in Bank of America were worth $6,974,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Schechter Investment Advisors LLC grew its holdings in Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after acquiring an additional 4,187 shares in the last quarter. Eastern Bank boosted its holdings in shares of Bank of America by 354.5% in the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after buying an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its holdings in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new position in shares of Bank of America in the 4th quarter valued at $673,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Bank of America stock traded up $0.46 during trading hours on Thursday, reaching $35.69. 19,878,121 shares of the stock were exchanged, compared to its average volume of 41,242,539. The stock has a market cap of $281.62 billion, a P/E ratio of 12.37, a P/E/G ratio of 1.58 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.35. The firm’s 50 day moving average is $35.55 and its 200 day moving average is $32.21.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. Analysts predict that Bank of America Co. will post 3.13 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.69%. Bank of America’s payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Barclays upped their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. Jefferies Financial Group upped their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Keefe, Bruyette & Woods upped their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Finally, Evercore ISI increased their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus price target of $38.29.

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.