Summit Global Investments Raises Holdings in Bank of America Co. (NYSE:BAC)

Summit Global Investments boosted its position in Bank of America Co. (NYSE:BAC - Free Report) by 90.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,556 shares of the financial services provider's stock after purchasing an additional 46,278 shares during the period. Summit Global Investments' holdings in Bank of America were worth $4,288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of BAC. Geode Capital Management LLC boosted its stake in shares of Bank of America by 1.2% in the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider's stock valued at $5,546,871,000 after buying an additional 1,700,141 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Bank of America by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider's stock worth $2,620,028,000 after purchasing an additional 2,806,927 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider's stock valued at $2,060,703,000 after purchasing an additional 1,671,610 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the period. Finally, Amundi boosted its holdings in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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Bank of America Trading Up 0.6 %

Shares of Bank of America stock traded up $0.24 during trading hours on Tuesday, reaching $43.31. 25,443,269 shares of the company's stock were exchanged, compared to its average volume of 35,889,184. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a fifty day moving average of $44.77 and a 200-day moving average of $43.83. 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 firm has a market capitalization of $329.28 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm 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 firm's revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.40%. Bank of America's dividend payout ratio is presently 32.30%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. 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. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a report on Tuesday, December 3rd. Robert W. Baird upgraded 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. Evercore ISI dropped their price target on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Friday, January 17th. Finally, Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $48.45.

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.