Pinebridge Investments L.P. Boosts Holdings in Bank of America Co. (NYSE:BAC)

Pinebridge Investments L.P. increased its position in Bank of America Co. (NYSE:BAC) by 32.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,291,138 shares of the financial services provider's stock after buying an additional 799,427 shares during the quarter. Bank of America comprises about 1.1% of Pinebridge Investments L.P.'s investment portfolio, making the stock its 13th biggest position. Pinebridge Investments L.P.'s holdings in Bank of America were worth $144,646,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Bank of America in the 4th quarter valued at about $5,226,989,000. Capital World Investors lifted its position in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Amundi boosted its holdings in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Finally, Ontario Teachers Pension Plan Board grew its position in Bank of America by 71,357.5% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 8,632,780 shares of the financial services provider's stock worth $379,411,000 after purchasing an additional 8,620,699 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research note 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. UBS Group lifted their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $47.43.

Bank of America Trading Up 3.8 %

Shares of BAC stock opened at $38.33 on Wednesday. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. 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 company has a 50 day moving average of $40.93 and a 200-day moving average of $43.59. The firm has a market cap of $291.42 billion, a P/E ratio of 11.90, a PEG ratio of 1.21 and a beta of 1.24.

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%. Sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Friday, March 7th. Bank of America's dividend payout ratio is currently 30.95%.

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.

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