Allstate Corp Has $9.13 Million Stake in Bank of America Co. (NYSE:BAC)

Allstate Corp boosted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 3,746.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 207,639 shares of the financial services provider's stock after acquiring an additional 202,241 shares during the quarter. Allstate Corp's holdings in Bank of America were worth $9,126,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management acquired a new stake in shares of Bank of America during the 4th quarter valued at $60,679,000. Arizona State Retirement System grew its holdings in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH increased its stake in shares of Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after acquiring an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Remove Ads

Bank of America Price Performance

Shares of Bank of America stock traded down $0.17 during trading on Tuesday, hitting $41.56. 9,925,981 shares of the company's stock traded hands, compared to its average volume of 38,277,348. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $315.99 billion, a PE ratio of 12.91, a PEG ratio of 1.21 and a beta of 1.32. The firm's fifty day moving average price is $44.35 and its 200 day moving average price is $43.95.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company's revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.70 EPS. Analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America's payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

A number of brokerages have commented on BAC. Keefe, Bruyette & Woods boosted their target price on Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a research note on Tuesday, December 3rd. UBS Group upgraded Bank of America from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $43.00 to $53.00 in a report on Tuesday, January 7th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Finally, Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.31.

About Bank of America

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.