NFJ Investment Group LLC lessened its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,904,354 shares of the financial services provider's stock after selling 136,949 shares during the quarter. Bank of America comprises approximately 2.7% of NFJ Investment Group LLC's portfolio, making the stock its biggest holding. NFJ Investment Group LLC's holdings in Bank of America were worth $83,696,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of BAC. Evergreen Capital Management LLC boosted its stake in Bank of America by 3.0% during the fourth quarter. Evergreen Capital Management LLC now owns 325,927 shares of the financial services provider's stock valued at $14,325,000 after buying an additional 9,453 shares during the period. Regal Investment Advisors LLC increased its position in shares of Bank of America by 78.7% in the fourth quarter. Regal Investment Advisors LLC now owns 78,767 shares of the financial services provider's stock worth $3,462,000 after purchasing an additional 34,698 shares during the last quarter. Integrity Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter valued at approximately $352,000. Montag & Caldwell LLC bought a new stake in Bank of America during the fourth quarter valued at approximately $66,000. Finally, AGP Franklin LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at $1,551,000. Hedge funds and other institutional investors own 70.71% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on BAC shares. Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday. Oppenheimer upped their target price on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Morgan Stanley lifted their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. 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. Finally, HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.20.
Check Out Our Latest Report on BAC
Bank of America Stock Performance
Shares of BAC stock traded up $0.11 on Friday, reaching $37.44. The stock had a trading volume of 47,052,978 shares, compared to its average volume of 39,127,145. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a 50 day simple moving average of $41.27 and a 200 day simple moving average of $43.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $284.65 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Friday, March 7th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
About Bank of America
(
Free Report)
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.
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