Silvercrest Asset Management Group LLC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Silvercrest Asset Management Group LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 445.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 409,433 shares of the financial services provider's stock after acquiring an additional 334,389 shares during the period. Silvercrest Asset Management Group LLC's holdings in Bank of America were worth $17,995,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rafferty Asset Management LLC grew its holdings in Bank of America by 2.9% during the 4th quarter. Rafferty Asset Management LLC now owns 2,355,158 shares of the financial services provider's stock worth $103,509,000 after acquiring an additional 66,439 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in shares of Bank of America during the fourth quarter valued at about $5,929,000. Point72 Asia Singapore Pte. Ltd. boosted its stake in Bank of America by 568.8% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 166,695 shares of the financial services provider's stock valued at $7,326,000 after acquiring an additional 141,772 shares in the last quarter. Point72 Europe London LLP grew its holdings in Bank of America by 275.6% in the fourth quarter. Point72 Europe London LLP now owns 653,100 shares of the financial services provider's stock worth $28,704,000 after purchasing an additional 479,200 shares during the last quarter. Finally, PointState Capital LP boosted its position in shares of Bank of America by 74.3% in the 4th quarter. PointState Capital LP now owns 4,278,353 shares of the financial services provider's stock worth $188,034,000 after purchasing an additional 1,824,120 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Evercore ISI dropped their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Cowen assumed coverage on Bank of America in a report on Wednesday. They set a "buy" rating on the stock. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. dropped their target price 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. Finally, Royal Bank of Canada dropped their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Trading Up 0.1%

Shares of BAC traded up $0.05 during midday trading on Monday, reaching $44.74. The company had a trading volume of 37,887,486 shares, compared to its average volume of 39,680,769. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The firm has a 50 day simple moving average of $40.03 and a 200-day simple moving average of $43.56. The stock has a market cap of $336.98 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is 30.95%.

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.