250,000 Shares in Bank of America Co. (NYSE:BAC) Purchased by Rheos Capital Works Inc.

Rheos Capital Works Inc. purchased a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 250,000 shares of the financial services provider's stock, valued at approximately $10,988,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Two Sigma Advisers LP grew its stake in shares of Bank of America by 31,021.6% in the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider's stock worth $405,049,000 after purchasing an additional 10,175,100 shares during the last quarter. Swedbank AB grew 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 buying an additional 5,733,810 shares during the last quarter. KBC Group NV increased its stake in shares of Bank of America by 130.9% in the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider's stock valued at $425,976,000 after buying an additional 5,493,817 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider's stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Bank of America by 3,550.7% in the third quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider's stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BAC shares. Morgan Stanley raised their price target on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Wells Fargo & Company lifted their price objective on Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Phillip Securities raised 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. Finally, Barclays raised their target price on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $48.58.

Bank of America Stock Down 0.1 %

Bank of America stock traded down $0.07 during trading on Monday, hitting $46.23. 36,480,730 shares of the company were exchanged, compared to its average volume of 36,949,066. 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 business's 50 day moving average is $45.83 and its 200 day moving average is $42.77. Bank of America Co. has a 52 week low of $32.35 and a 52 week high of $48.08. The company has a market capitalization of $354.72 billion, a P/E ratio of 14.36, a PEG ratio of 1.26 and a beta of 1.33.

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

Bank of America Announces Dividend

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

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.