Rice Partnership LLC Has $345,000 Stake in Bank of America Corporation (NYSE:BAC)

Rice Partnership LLC cut its stake in shares of Bank of America Corporation (NYSE:BAC) by 26.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,278 shares of the financial services provider’s stock after selling 3,033 shares during the quarter. Rice Partnership LLC’s holdings in Bank of America were worth $345,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new position in shares of Bank of America in the fourth quarter worth $60,679,000. Gradient Investments LLC boosted its holdings in shares of Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after acquiring an additional 50,296 shares during the period. Prudential Financial Inc. raised its position in shares of Bank of America by 13.7% in the fourth quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider’s stock worth $274,767,000 after buying an additional 753,880 shares in the last quarter. Finally, Employees Retirement System of Texas raised its position in Bank of America by 12.7% during the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider’s stock valued at $69,640,000 after purchasing an additional 17,880 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. 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. Royal Bank Of Canada set a $53.00 target price on shares of Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective for the company. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Finally, Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.28.

Bank of America Stock Up 0.5%

Bank of America stock opened at $48.94 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $368.61 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. The business has a fifty day moving average price of $44.28 and a 200-day moving average price of $43.44.

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 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 analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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