EFG Asset Management Americas Corp. Sells 65,047 Shares of Bank of America Co. (NYSE:BAC)

EFG Asset Management Americas Corp. reduced its position in Bank of America Co. (NYSE:BAC) by 87.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,081 shares of the financial services provider’s stock after selling 65,047 shares during the quarter. EFG Asset Management Americas Corp.’s holdings in Bank of America were worth $306,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Moneta Group Investment Advisors LLC boosted its position in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank bought a new stake in Bank of America during the fourth quarter valued at approximately $3,436,543,000. Northern Trust Corp lifted its position in Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after purchasing an additional 1,397,469 shares during the last quarter. Barclays PLC lifted its position in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Bank of America by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after purchasing an additional 746,756 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Up 0.7 %

Shares of NYSE BAC opened at $37.24 on Monday. 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 52 week low of $24.96 and a 52 week high of $38.35. The firm’s fifty day moving average is $35.68 and its 200 day moving average is $32.40. The company has a market cap of $293.85 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.66 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BAC shares. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Oppenheimer dropped their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. 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. Finally, HSBC restated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $38.53.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.