Capital World Investors Has $3.88 Billion Position in Bank of America Co. (NYSE:BAC)

Capital World Investors boosted its stake in Bank of America Co. (NYSE:BAC - Free Report) by 23.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 88,210,527 shares of the financial services provider's stock after buying an additional 17,031,143 shares during the quarter. Capital World Investors owned approximately 1.15% of Bank of America worth $3,876,853,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth $5,226,989,000. Amundi increased its stake in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after buying an additional 10,231,001 shares during the period. Ontario Teachers Pension Plan Board increased its position in shares of Bank of America by 71,357.5% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 8,632,780 shares of the financial services provider's stock worth $379,411,000 after acquiring an additional 8,620,699 shares during the last quarter. Swedbank AB raised its position in shares of Bank of America by 81.4% in the 4th quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider's stock valued at $561,513,000 after purchasing an additional 5,733,810 shares in the last quarter. Finally, KBC Group NV boosted its stake in Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider's stock valued at $425,976,000 after acquiring an additional 5,493,817 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 2.1 %

NYSE BAC traded up $0.79 during trading on Wednesday, reaching $39.11. 34,780,532 shares of the stock traded hands, compared to its average volume of 39,023,187. The stock's 50-day moving average price is $40.93 and its 200 day moving average price is $43.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a market cap of $297.35 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during 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 year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a 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%.

Wall Street Analyst Weigh In

BAC has been the topic of several research reports. Oppenheimer upped their price objective on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Morgan Stanley upped their price target on Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Royal Bank of Canada dropped their target price on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $47.43.

Bank of America Company 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.