Townsquare Capital LLC Raises Stake in Bank of America Co. (NYSE:BAC)

Townsquare Capital LLC boosted its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 431,105 shares of the financial services provider's stock after buying an additional 15,270 shares during the period. Townsquare Capital LLC's holdings in Bank of America were worth $18,947,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BAC. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Bank of America in the 4th quarter worth $60,679,000. Arizona State Retirement System raised its position in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after buying an additional 10,377 shares in the last quarter. Keybank National Association OH lifted its holdings in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after acquiring an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in 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 worth $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

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Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Evercore ISI lowered their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.31.

Bank of America Price Performance

BAC traded up $1.36 during trading on Tuesday, hitting $38.03. The company's stock had a trading volume of 84,598,292 shares, compared to its average volume of 39,412,270. The business's fifty day simple moving average is $42.04 and its 200 day simple moving average is $43.70. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The firm has a market capitalization of $289.16 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

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, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.73%. Bank of America's payout ratio is currently 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.