Lee Danner & Bass Inc. Has $6.82 Million Stock Position in Bank of America Corporation (NYSE:BAC)

Lee Danner & Bass Inc. lowered its holdings in Bank of America Corporation (NYSE:BAC) by 0.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 163,397 shares of the financial services provider’s stock after selling 1,566 shares during the quarter. Lee Danner & Bass Inc.’s holdings in Bank of America were worth $6,819,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Norges Bank acquired a new stake in Bank of America in the 4th quarter valued at approximately $5,226,989,000. Capital World Investors grew its holdings in Bank of America by 23.9% in the 4th 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 during the last quarter. Price T Rowe Associates Inc. MD grew its holdings 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 buying an additional 11,691,451 shares during the last quarter. Amundi grew its holdings 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 valued at $1,747,658,000 after buying an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Bank of America by 17.2% in the 4th 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 during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on BAC shares. Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Argus decreased their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Baird R W lowered Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Robert W. Baird reissued a “neutral” rating and set a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th. Finally, Citigroup lifted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.28.

Bank of America Trading Up 0.5%

BAC stock opened at $48.94 on Friday. The company has a market cap of $368.61 billion, a P/E ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The business has a fifty day moving average of $44.28 and a 200-day moving average of $43.44.

Bank of America (NYSE:BAC) last released 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.13%. Bank of America’s payout ratio is currently 30.95%.

Bank of America 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.