Bank of America Co. (NYSE:BAC) Shares Purchased by Cibc World Market Inc.

Cibc World Market Inc. raised its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 30.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,900,737 shares of the financial services provider's stock after buying an additional 905,046 shares during the quarter. Cibc World Market Inc. owned approximately 0.05% of Bank of America worth $171,437,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Hixon Zuercher LLC increased its holdings in shares of Bank of America by 6.6% during the 4th quarter. Hixon Zuercher LLC now owns 53,716 shares of the financial services provider's stock worth $2,361,000 after buying an additional 3,346 shares during the last quarter. Mediolanum International Funds Ltd increased its stake in Bank of America by 46.2% during the fourth quarter. Mediolanum International Funds Ltd now owns 1,239,536 shares of the financial services provider's stock worth $54,294,000 after acquiring an additional 391,680 shares during the last quarter. Cairn Investment Group Inc. purchased a new position in shares of Bank of America in the 4th quarter worth about $210,000. OLD National Bancorp IN lifted its stake in shares of Bank of America by 3.5% in the 4th quarter. OLD National Bancorp IN now owns 68,721 shares of the financial services provider's stock valued at $3,020,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Abel Hall LLC lifted its stake in shares of Bank of America by 3.2% in the 4th quarter. Abel Hall LLC now owns 8,546 shares of the financial services provider's stock valued at $376,000 after purchasing an additional 266 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BAC shares. UBS Group upgraded shares of Bank of America from a "neutral" rating to a "buy" rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research note on Friday, January 17th. Wells Fargo & Company upped their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Royal Bank of Canada reiterated an "outperform" rating and issued a $46.00 price target on shares of Bank of America in a report on Wednesday, October 9th. Finally, Phillip Securities upgraded Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $48.58.

Bank of America Stock Performance

BAC traded down $0.47 on Friday, hitting $46.25. 30,387,640 shares of the company's stock were exchanged, compared to its average volume of 36,972,270. 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 stock has a fifty day moving average of $45.85 and a two-hundred day moving average of $42.76. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The firm has a market cap of $354.84 billion, a PE ratio of 14.36, a P/E/G ratio of 1.27 and a beta of 1.33.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business's revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. Bank of America's dividend payout ratio is currently 32.30%.

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.