RedJay Asset Management Inc. Sells 25,000 Shares of Bank of America Co. (NYSE:BAC)

RedJay Asset Management Inc. lessened its stake in Bank of America Co. (NYSE:BAC) by 9.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 250,000 shares of the financial services provider’s stock after selling 25,000 shares during the quarter. Bank of America comprises about 6.7% of RedJay Asset Management Inc.’s holdings, making the stock its 5th largest holding. RedJay Asset Management Inc.’s holdings in Bank of America were worth $10,988,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Collier Financial purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc raised its position in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the 4th quarter worth $29,000. Finally, Vega Investment Solutions purchased a new position in shares of Bank of America during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BAC. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Citigroup reduced their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. TD Cowen started coverage on Bank of America in a research report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Finally, UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Price Performance

BAC stock opened at $43.20 on Friday. The business has a 50 day moving average price of $40.34 and a 200 day moving average price of $43.60. 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 stock has a market cap of $325.38 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

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

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio (DPR) 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.