GTS Securities LLC Lowers Holdings in Bank of America Co. (NYSE:BAC)

GTS Securities LLC trimmed its holdings in shares of Bank of America Co. (NYSE:BAC) by 90.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 83,606 shares of the financial services provider’s stock after selling 782,796 shares during the period. GTS Securities LLC’s holdings in Bank of America were worth $3,674,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after acquiring an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in Bank of America in the 4th quarter worth approximately $60,679,000. Arizona State Retirement System raised its stake in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares during the last quarter. Keybank National Association OH lifted its holdings in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after buying an additional 297,858 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Oppenheimer restated an “outperform” rating on shares of Bank of America in a research note on Thursday. UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Citigroup dropped their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, Barclays reduced their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Bank of America Price Performance

NYSE:BAC opened at $43.27 on Friday. The stock has a market cap of $325.90 billion, a PE ratio of 13.44, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business’s 50-day simple moving average is $40.31 and its two-hundred day simple moving average is $43.60. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

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.