Toronto Dominion Bank Sells 1,334,252 Shares of Bank of America Co. (NYSE:BAC)

Toronto Dominion Bank reduced its holdings in Bank of America Co. (NYSE:BAC) by 41.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,850,805 shares of the financial services provider’s stock after selling 1,334,252 shares during the quarter. Toronto Dominion Bank’s holdings in Bank of America were worth $81,342,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors raised its holdings in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Amundi boosted its stake in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp increased its holdings in Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Argus decreased their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Oppenheimer boosted their price objective on shares of Bank of America from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Finally, Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

BAC opened at $44.66 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The business has a 50 day moving average of $40.03 and a 200-day moving average of $43.55. The stock has a market cap of $336.38 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

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.