Bank of America Co. (NYSE:BAC) Stake Reduced by Payden & Rygel

Payden & Rygel decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 98.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,600 shares of the financial services provider’s stock after selling 707,330 shares during the period. Payden & Rygel’s holdings in Bank of America were worth $218,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. FNY Investment Advisers LLC increased its holdings in shares of Bank of America by 75.9% in the second quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after buying an additional 397 shares in the last quarter. Marquette Asset Management LLC raised its position in shares of Bank of America by 333.2% during the second quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 733 shares during the period. Castleview Partners LLC purchased a new stake in shares of Bank of America during the first quarter valued at $28,000. Global Trust Asset Management LLC boosted its position in shares of Bank of America by 45.7% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 325 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Bank of America during the 1st quarter worth about $34,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BAC. StockNews.com started coverage on shares of Bank of America in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a research report on Tuesday, September 12th. HSBC began coverage on shares of Bank of America in a research report on Thursday, September 7th. They set a “buy” rating and a $35.00 price objective on the stock. Evercore ISI lowered their price objective on shares of Bank of America from $35.00 to $33.00 in a research report on Thursday, October 5th. Finally, Jefferies Financial Group lowered their price objective on shares of Bank of America from $31.00 to $28.00 in a research report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.54.

Bank of America Trading Down 0.2 %

Shares of NYSE:BAC opened at $29.92 on Monday. The stock has a market capitalization of $236.78 billion, a PE ratio of 8.40, a P/E/G ratio of 1.22 and a beta of 1.38. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.87. The firm has a fifty day moving average price of $27.42 and a 200 day moving average price of $28.59. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.07. The firm had revenue of $25.20 billion during the quarter, compared to analysts’ expectations of $25.13 billion. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. Bank of America’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. Analysts expect that Bank of America Co. will post 3.46 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is presently 26.89%.

About Bank of America

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.