Bank of America Co. (NYSE:BAC) Shares Sold by South Dakota Investment Council

South Dakota Investment Council cut its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 302,521 shares of the financial services provider’s stock after selling 9,700 shares during the quarter. South Dakota Investment Council’s holdings in Bank of America were worth $10,186,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of BAC. Impact Partnership Wealth LLC boosted its holdings in Bank of America by 879.9% in the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 2,015 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in Bank of America by 2.6% in the 3rd quarter. GHP Investment Advisors Inc. now owns 127,343 shares of the financial services provider’s stock valued at $3,408,000 after purchasing an additional 3,170 shares during the last quarter. Carolina Wealth Advisors LLC lifted its holdings in shares of Bank of America by 3,372.9% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 2,431 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 2,361 shares during the last quarter. Meridian Wealth Management LLC lifted its holdings in shares of Bank of America by 79.5% in the 3rd quarter. Meridian Wealth Management LLC now owns 74,154 shares of the financial services provider’s stock worth $2,030,000 after acquiring an additional 32,847 shares during the last quarter. Finally, CreativeOne Wealth LLC lifted its holdings in shares of Bank of America by 67.4% in the 3rd quarter. CreativeOne Wealth LLC now owns 64,962 shares of the financial services provider’s stock worth $1,779,000 after acquiring an additional 26,160 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BAC. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Wells Fargo & Company upped their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Evercore ISI upped their price objective 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. Finally, BMO Capital Markets upped their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Performance

Shares of NYSE BAC remained flat at $38.37 during mid-day trading on Wednesday. 18,506,636 shares of the company were exchanged, compared to its average volume of 41,470,113. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a 50-day simple moving average of $35.88 and a 200 day simple moving average of $32.57. The stock has a market cap of $302.76 billion, a PE ratio of 13.26, a P/E/G ratio of 1.70 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.50.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS 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 the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. On average, equities analysts expect that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared 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 yield of 2.50%. The ex-dividend date of this dividend 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.