Cambridge Financial Group Inc. Has $3.97 Million Stake in Bank of America Corp (NYSE:BAC)

Cambridge Financial Group Inc. decreased its position in shares of Bank of America Corp (NYSE:BAC) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 187,119 shares of the financial services provider’s stock after selling 5,035 shares during the period. Bank of America comprises 2.7% of Cambridge Financial Group Inc.’s portfolio, making the stock its 24th biggest position. Cambridge Financial Group Inc.’s holdings in Bank of America were worth $3,973,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter worth approximately $3,442,092,000. Wealth Quarterback LLC acquired a new stake in shares of Bank of America during the fourth quarter worth approximately $6,050,510,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Bank of America by 11,950.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 26,813,708 shares of the financial services provider’s stock worth $942,522,000 after buying an additional 26,591,205 shares in the last quarter. GQG Partners LLC acquired a new stake in shares of Bank of America during the fourth quarter worth approximately $509,173,000. Finally, 1832 Asset Management L.P. increased its holdings in shares of Bank of America by 161.6% during the fourth quarter. 1832 Asset Management L.P. now owns 13,785,061 shares of the financial services provider’s stock worth $486,950,000 after buying an additional 8,515,773 shares in the last quarter. 70.08% of the stock is owned by institutional investors.

Shares of NYSE BAC traded down $0.24 during midday trading on Friday, reaching $22.66. 48,083,035 shares of the stock were exchanged, compared to its average volume of 63,654,284. The business has a 50-day simple moving average of $22.58 and a two-hundred day simple moving average of $29.41. The company has a market capitalization of $198.67 billion, a price-to-earnings ratio of 9.29, a P/E/G ratio of 2.22 and a beta of 1.60. Bank of America Corp has a 12 month low of $17.95 and a 12 month high of $35.72. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.20). The firm had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $22.58 billion. Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 earnings per share. Equities research analysts expect that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, June 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. Bank of America’s payout ratio is 24.49%.

BAC has been the subject of several recent analyst reports. Wolfe Research lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 25th. Deutsche Bank increased their price target on shares of Bank of America from $25.00 to $27.00 and gave the company a “hold” rating in a research note on Thursday, April 2nd. Societe Generale raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, April 14th. TheStreet cut shares of Bank of America from a “b-” rating to a “c” rating in a research note on Wednesday, March 25th. Finally, Citigroup decreased their price target on shares of Bank of America from $30.00 to $27.00 and set a “hold” rating on the stock in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $29.74.

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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