Greenleaf Trust Sells 30,304 Shares of Bank of America Co. (NYSE:BAC)

Greenleaf Trust trimmed its position in Bank of America Co. (NYSE:BAC) by 18.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 137,193 shares of the financial services provider’s stock after selling 30,304 shares during the quarter. Greenleaf Trust’s holdings in Bank of America were worth $4,619,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Naples Money Management LLC bought a new stake in shares of Bank of America in the fourth quarter worth about $88,000. American Financial Advisors LLC bought a new stake in Bank of America during the fourth quarter worth approximately $330,000. Bigelow Investment Advisors LLC increased its stake in Bank of America by 4.1% during the fourth quarter. Bigelow Investment Advisors LLC now owns 20,840 shares of the financial services provider’s stock worth $702,000 after acquiring an additional 813 shares during the last quarter. Resonant Capital Advisors LLC increased its stake in Bank of America by 25.4% during the fourth quarter. Resonant Capital Advisors LLC now owns 9,923 shares of the financial services provider’s stock worth $334,000 after acquiring an additional 2,009 shares during the last quarter. Finally, Zhang Financial LLC bought a new stake in Bank of America during the fourth quarter worth approximately $287,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays boosted their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Stock Up 3.4 %

Bank of America stock opened at $36.97 on Friday. The business has a fifty day moving average of $35.68 and a two-hundred day moving average of $32.31. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $291.72 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.61 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35.

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, topping analysts’ consensus estimates of $0.77 by $0.06. The company 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%. Bank of America’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 earnings per share. On average, analysts forecast that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued 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 2.60%. 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.