Bank of America Co. (NYSE:BAC) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd reduced its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,774 shares of the financial services provider’s stock after selling 621 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Bank of America were worth $194,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Schechter Investment Advisors LLC grew its position in Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC increased its stake in Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in 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 worth $2,273,000 after buying an additional 46,950 shares in the last quarter. Sarasin & Partners LLP purchased a new position in Bank of America in the 4th quarter valued at about $673,000. Finally, Pinnacle Associates Ltd. grew its stake in shares of Bank of America by 30.0% during the third quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after acquiring an additional 225,767 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BAC has been the subject of a number of analyst reports. Evercore ISI increased their price target on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Finally, Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Stock Down 0.5 %

BAC stock opened at $38.12 on Thursday. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $300.79 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.73 and a beta of 1.39. The firm’s 50-day simple moving average is $35.98 and its 200 day simple moving average is $32.61.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.94 EPS. As a group, sell-side analysts predict that Bank of America Co. will post 3.18 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

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.