Janney Capital Management LLC Sells 6,349 Shares of Bank of America Corporation (NYSE:BAC)

Janney Capital Management LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 245,714 shares of the financial services provider’s stock after selling 6,349 shares during the quarter. Janney Capital Management LLC’s holdings in Bank of America were worth $10,254,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Norges Bank bought a new position in Bank of America during the fourth quarter worth $5,226,989,000. Capital World Investors lifted its stake in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note 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 research note on Monday, March 24th. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Stock Performance

NYSE BAC opened at $45.02 on Thursday. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a 50-day simple moving average of $41.98 and a 200 day simple moving average of $43.35. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The company has a market capitalization of $339.09 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s payout ratio is 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.