OLD National Bancorp IN Cuts Position in Bank of America Co. (NYSE:BAC)

OLD National Bancorp IN lessened its stake in Bank of America Co. (NYSE:BAC) by 8.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 59,724 shares of the financial services provider’s stock after selling 5,739 shares during the quarter. OLD National Bancorp IN’s holdings in Bank of America were worth $2,011,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Cetera Trust Company N.A purchased a new position in Bank of America during the 4th quarter valued at about $2,540,000. Verde Servicos Internacionais S.A. purchased a new position in Bank of America during the 4th quarter valued at about $10,323,000. Handelsbanken Fonder AB increased its holdings in Bank of America by 8.4% during the 4th quarter. Handelsbanken Fonder AB now owns 2,227,367 shares of the financial services provider’s stock valued at $74,995,000 after acquiring an additional 172,217 shares in the last quarter. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $32,000. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Bank of America by 14.1% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 58,973 shares of the financial services provider’s stock worth $1,999,000 after purchasing an additional 7,300 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BAC shares. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Jefferies Financial Group raised their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research note on Friday. HSBC reaffirmed a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Evercore ISI raised their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Trading Up 2.1 %

Shares of BAC stock opened at $37.75 on Tuesday. The stock has a market cap of $297.87 billion, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35. The firm’s 50 day moving average price is $35.77 and its two-hundred day moving average price is $32.48.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations 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 revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 earnings per share. On average, analysts anticipate that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s dividend payout ratio is currently 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.