Prudential PLC Has $26.48 Million Holdings in Bank of America Co. (NYSE:BAC)

Prudential PLC increased its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 602,588 shares of the financial services provider's stock after purchasing an additional 14,139 shares during the quarter. Prudential PLC's holdings in Bank of America were worth $26,484,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock valued at $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Edgestream Partners L.P. boosted its stake in shares of Bank of America by 221.3% in the 3rd quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider's stock valued at $823,000 after purchasing an additional 14,281 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Bank of America by 0.8% in the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider's stock valued at $43,268,000 after purchasing an additional 9,137 shares during the last quarter. Morse Asset Management Inc acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $306,000. Finally, Redwood Grove Capital LLC lifted its holdings in Bank of America by 17.3% in the third quarter. Redwood Grove Capital LLC now owns 428,207 shares of the financial services provider's stock valued at $16,991,000 after buying an additional 63,307 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

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Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Citigroup decreased their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Evercore ISI lowered their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday. Finally, Oppenheimer increased their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.31.

Bank of America Stock Performance

Shares of Bank of America stock traded down $2.85 during trading on Friday, hitting $34.37. 107,688,693 shares of the stock were exchanged, compared to its average volume of 37,781,232. 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 company has a fifty day moving average price of $43.74 and a 200-day moving average price of $43.88. The stock has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1-year low of $33.69 and a 1-year high of $48.08.

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 for the quarter, topping analysts' consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the previous year, the business earned $0.70 earnings per share. The business's revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.03%. The ex-dividend date was Friday, March 7th. Bank of America's dividend payout ratio is 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.