Mine & Arao Wealth Creation & Management LLC. Has $450,000 Stake in Bank of America Co. (NYSE:BAC)

Mine & Arao Wealth Creation & Management LLC. decreased its position in shares of Bank of America Co. (NYSE:BAC) by 15.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,378 shares of the financial services provider’s stock after selling 2,425 shares during the quarter. Mine & Arao Wealth Creation & Management LLC.’s holdings in Bank of America were worth $450,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Barclays PLC raised its position in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd raised its position in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP bought a new position in Bank of America during the 3rd quarter worth $177,970,000. Canada Pension Plan Investment Board raised its position in Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in Bank of America during the 3rd quarter worth $168,610,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several research analyst reports. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, HSBC reissued a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine 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 price target of $38.59.

Bank of America Stock Down 0.2 %

BAC stock traded down $0.07 during mid-day trading on Wednesday, reaching $36.94. 14,200,504 shares of the company traded hands, compared to its average volume of 40,799,313. The stock has a market cap of $291.48 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 1.68 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 $38.49. The firm’s 50 day moving average price is $36.26 and its 200 day moving average price is $32.95.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 EPS. As a group, equities research analysts predict that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

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