BI Asset Management Fondsmaeglerselskab A S Takes $23.03 Million Position in Bank of America Co. (NYSE:BAC)

BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 524,027 shares of the financial services provider's stock, valued at approximately $23,031,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Life Planning Partners Inc increased its stake in Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $29,000. Finally, Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 53.0% in the fourth 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. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Citigroup decreased their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average price target of $47.43.

Bank of America Price Performance

Shares of BAC stock traded up $0.79 during trading hours on Wednesday, reaching $39.11. The stock had a trading volume of 34,780,532 shares, compared to its average volume of 39,023,187. The stock's fifty day simple moving average is $40.93 and its 200 day simple moving average is $43.59. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $297.35 billion, a PE ratio of 12.15, a PEG ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping 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 return on equity of 10.29% and a net margin of 14.10%. On average, equities research analysts predict 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 given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Bank of America 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.