Bank of America Corp DE Has $17.90 Million Position in Lancaster Colony Co. (NASDAQ:LANC)

Bank of America Corp DE cut its position in shares of Lancaster Colony Co. (NASDAQ:LANC) by 7.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,391 shares of the company’s stock after selling 8,171 shares during the period. Bank of America Corp DE owned 0.38% of Lancaster Colony worth $17,901,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC increased its position in Lancaster Colony by 1,078.9% during the fourth quarter. Farther Finance Advisors LLC now owns 448 shares of the company’s stock worth $78,000 after buying an additional 410 shares during the last quarter. Covestor Ltd increased its holdings in shares of Lancaster Colony by 48.4% during the 4th quarter. Covestor Ltd now owns 724 shares of the company’s stock worth $126,000 after acquiring an additional 236 shares during the last quarter. KBC Group NV raised its stake in Lancaster Colony by 80.4% in the 4th quarter. KBC Group NV now owns 893 shares of the company’s stock valued at $155,000 after acquiring an additional 398 shares during the period. Blue Trust Inc. lifted its holdings in Lancaster Colony by 62.1% during the 4th quarter. Blue Trust Inc. now owns 932 shares of the company’s stock valued at $165,000 after purchasing an additional 357 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in Lancaster Colony by 12.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,235 shares of the company’s stock valued at $214,000 after purchasing an additional 137 shares during the last quarter. 66.44% of the stock is owned by institutional investors.

Lancaster Colony Trading Up 0.1%

Shares of LANC stock opened at $167.46 on Wednesday. The stock has a market cap of $4.62 billion, a P/E ratio of 29.43 and a beta of 0.50. Lancaster Colony Co. has a 1 year low of $156.14 and a 1 year high of $202.63. The stock has a 50 day simple moving average of $176.46 and a 200 day simple moving average of $180.69.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.07). The company had revenue of $457.84 million during the quarter, compared to analyst estimates of $483.47 million. Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. Lancaster Colony’s revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.44 earnings per share. Analysts forecast that Lancaster Colony Co. will post 6.8 EPS for the current year.

Lancaster Colony Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 6th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.27%. The ex-dividend date is Friday, June 6th. Lancaster Colony’s dividend payout ratio is currently 61.79%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Benchmark raised shares of Lancaster Colony from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Thursday, May 1st. StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Monday, May 5th. Stephens decreased their price objective on Lancaster Colony from $200.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Finally, DA Davidson increased their price objective on Lancaster Colony from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $203.50.

About Lancaster Colony

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.