Bank of America Corp (NYSE:BAC) Shares Sold by Arvest Bank Trust Division

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Arvest Bank Trust Division reduced its holdings in shares of Bank of America Corp (NYSE:BAC) by 0.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 949,593 shares of the financial services provider’s stock after selling 1,087 shares during the quarter. Bank of America makes up about 1.9% of Arvest Bank Trust Division’s holdings, making the stock its 11th largest position. Arvest Bank Trust Division’s holdings in Bank of America were worth $23,398,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BAC. First Citizens Bank & Trust Co. increased its position in Bank of America by 1.0% in the fourth quarter. First Citizens Bank & Trust Co. now owns 311,732 shares of the financial services provider’s stock worth $7,681,000 after buying an additional 2,994 shares during the last quarter. BHK Investment Advisors LLC increased its position in Bank of America by 34.7% in the third quarter. BHK Investment Advisors LLC now owns 16,335 shares of the financial services provider’s stock worth $481,000 after buying an additional 4,211 shares during the last quarter. Nordea Investment Management AB increased its position in Bank of America by 6.0% in the third quarter. Nordea Investment Management AB now owns 7,818,804 shares of the financial services provider’s stock worth $230,343,000 after buying an additional 445,270 shares during the last quarter. Peachtree Investment Advisors Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $410,000. Finally, Peoples Financial Services CORP. grew its position in shares of Bank of America by 17.5% in the fourth quarter. Peoples Financial Services CORP. now owns 10,725 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 64.81% of the company’s stock.

Shares of Bank of America stock traded up $0.72 during midday trading on Friday, hitting $29.11. The company had a trading volume of 65,837,063 shares, compared to its average volume of 69,324,305. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $298.19 billion, a P/E ratio of 11.15, a PEG ratio of 1.26 and a beta of 1.45. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $33.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. The company had revenue of $22.89 billion for the quarter, compared to the consensus estimate of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.48 EPS. As a group, equities analysts expect that Bank of America Corp will post 2.85 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.06%. Bank of America’s payout ratio is currently 22.99%.

Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Monday, January 21st. Jefferies Financial Group lifted their price target on Bank of America from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, January 18th. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday, November 8th. Wells Fargo & Co set a $36.00 price target on Bank of America and gave the company a “buy” rating in a research report on Wednesday, January 16th. Finally, Barclays reiterated a “hold” rating on shares of Bank of America in a research report on Thursday, January 17th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $33.18.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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