Amalgamated Bank Sells 86,908 Shares of Bank of America Co. (NYSE:BAC)

Amalgamated Bank reduced its stake in Bank of America Co. (NYSE:BAC) by 4.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,670,858 shares of the financial services provider’s stock after selling 86,908 shares during the quarter. Bank of America accounts for 0.4% of Amalgamated Bank’s portfolio, making the stock its 28th largest position. Amalgamated Bank’s holdings in Bank of America were worth $56,258,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of BAC. Fortis Group Advisors LLC bought a new stake in Bank of America in the 3rd quarter valued at $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter valued at approximately $32,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the last quarter. ZRC Wealth Management LLC grew its position in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC lifted its holdings in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BAC. Jefferies Financial Group raised their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Citigroup raised their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $38.70.

Bank of America Stock Down 0.2 %

BAC stock traded down $0.07 during trading hours on Thursday, hitting $36.88. The company’s stock had a trading volume of 34,780,865 shares, compared to its average volume of 40,864,645. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $291.01 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The stock has a 50 day moving average price of $36.33 and a two-hundred day moving average price of $32.98.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. Bank of America’s dividend payout ratio (DPR) is presently 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.