Intrust Bank NA Lowers Stake in Bank of America Co. (NYSE:BAC)

Intrust Bank NA reduced its stake in shares of Bank of America Co. (NYSE:BAC) by 5.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 172,706 shares of the financial services provider’s stock after selling 9,022 shares during the quarter. Bank of America makes up approximately 0.7% of Intrust Bank NA’s investment portfolio, making the stock its 28th largest position. Intrust Bank NA’s holdings in Bank of America were worth $5,815,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Northern Trust Corp raised its holdings in Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares in the last quarter. Barclays PLC raised its holdings in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Bank of America by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares in the last quarter. California Public Employees Retirement System raised its holdings in Bank of America by 5.9% in the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after purchasing an additional 1,250,096 shares in the last quarter. Finally, Pzena Investment Management LLC raised its holdings in Bank of America by 28.7% in the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock worth $531,997,000 after purchasing an additional 4,335,882 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Evercore ISI boosted their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. UBS Group restated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, April 19th. Finally, Jefferies Financial Group upped their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Performance

NYSE BAC traded down $0.28 on Monday, reaching $37.55. The stock had a trading volume of 26,434,319 shares, compared to its average volume of 41,179,297. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The business’s 50-day moving average price is $36.13 and its 200 day moving average price is $32.80. The stock has a market cap of $296.29 billion, a P/E ratio of 13.06, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for 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%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. As a group, equities analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The company 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 $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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