PointState Capital LP grew its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 74.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,278,353 shares of the financial services provider's stock after buying an additional 1,824,120 shares during the quarter. Bank of America accounts for approximately 3.4% of PointState Capital LP's portfolio, making the stock its 12th largest holding. PointState Capital LP owned about 0.06% of Bank of America worth $188,034,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the stock. Collier Financial purchased a new stake in shares of Bank of America in the 4th quarter worth about $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $29,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 70.71% of the company's stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on BAC shares. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday. They issued a "buy" rating and a $53.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $47.50.
Read Our Latest Stock Analysis on BAC
Bank of America Stock Up 0.3%
Shares of BAC traded up $0.16 during mid-day trading on Monday, hitting $44.85. 19,273,736 shares of the company's stock were exchanged, compared to its average volume of 39,608,826. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock's 50-day moving average is $40.03 and its 200-day moving average is $43.56. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $337.77 billion, a price-to-earnings ratio of 13.93, a P/E/G 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 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal 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 $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America's dividend payout ratio is currently 30.95%.
Bank of America Profile
(
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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