Capital Research Global Investors grew its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 1,600.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,590,335 shares of the financial services provider's stock after purchasing an additional 7,143,906 shares during the period. Capital Research Global Investors owned approximately 0.10% of Bank of America worth $333,595,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in the business. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth about $25,000. Collier Financial purchased a new position in shares of Bank of America in the fourth quarter worth approximately $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter valued at approximately $29,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 276 shares in the last quarter. Finally, Highline Wealth Partners LLC boosted its stake in Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock worth $37,000 after purchasing an additional 510 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have issued reports on BAC. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. UBS Group raised their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Barclays decreased their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.43.
Get Our Latest Analysis on BAC
Bank of America Stock Performance
Shares of BAC stock traded up $0.91 during trading hours on Thursday, reaching $39.66. 24,213,833 shares of the company's stock were exchanged, compared to its average volume of 45,737,215. Bank of America Co. has a fifty-two week low of $33.06 and a fifty-two week high of $48.08. The business has a fifty day moving average price of $40.77 and a 200-day moving average price of $43.56. The stock has a market capitalization of $301.53 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.21 and a beta of 1.24. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.62%. Bank of America's payout ratio is 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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