Sompo Asset Management Co. Ltd. lessened its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 15.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 97,580 shares of the financial services provider's stock after selling 18,320 shares during the period. Sompo Asset Management Co. Ltd.'s holdings in Bank of America were worth $4,289,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of BAC. Collier Financial purchased a new position in shares of Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc boosted its position in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at about $29,000. Finally, Glass Jacobson Investment Advisors llc raised its stake in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on BAC. Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. 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 research note on Wednesday, April 16th. Finally, Oppenheimer upped their target price on 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 analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus target price of $47.43.
Get Our Latest Analysis on BAC
Bank of America Price Performance
Shares of BAC stock traded up $0.09 during trading hours on Friday, hitting $39.67. 32,686,998 shares of the company's stock were exchanged, compared to its average volume of 39,117,914. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a market cap of $301.60 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.21 and a beta of 1.24. 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 50 day moving average of $40.62 and a two-hundred day moving average of $43.55.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.62%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
About Bank of America
(
Free Report)
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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