Bearing Point Capital LLC acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 195,332 shares of the financial services provider's stock, valued at approximately $8,585,000. Bank of America accounts for 1.8% of Bearing Point Capital LLC's holdings, making the stock its 12th biggest position.
Other large investors have also recently made changes to their positions in the company. BIP Wealth LLC increased its position in Bank of America by 18.8% during the 4th quarter. BIP Wealth LLC now owns 22,383 shares of the financial services provider's stock valued at $984,000 after purchasing an additional 3,536 shares during the period. BNP Paribas increased its position in shares of Bank of America by 96.1% during the fourth quarter. BNP Paribas now owns 3,980 shares of the financial services provider's stock valued at $175,000 after buying an additional 1,950 shares during the period. Algert Global LLC raised its stake in Bank of America by 37.3% in the fourth quarter. Algert Global LLC now owns 20,957 shares of the financial services provider's stock worth $921,000 after buying an additional 5,691 shares in the last quarter. Alteri Wealth LLC purchased a new stake in Bank of America in the fourth quarter worth about $3,582,000. Finally, Alyeska Investment Group L.P. boosted its position in Bank of America by 69.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 5,313,206 shares of the financial services provider's stock valued at $233,515,000 after acquiring an additional 2,174,801 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of research analysts have recently commented on BAC shares. Oppenheimer raised their target price on Bank of America from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, April 28th. Barclays lowered their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Citigroup lowered their price target on shares of 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. Finally, UBS Group upped their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $47.25.
View Our Latest Research Report on BAC
Bank of America Stock Performance
Shares of NYSE BAC traded up $1.15 during midday trading on Thursday, hitting $42.08. 17,735,075 shares of the company's stock traded hands, compared to its average volume of 39,182,297. 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 stock has a market capitalization of $316.94 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The firm has a fifty day moving average of $39.78 and a 200 day moving average of $43.48. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping 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%. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.
Bank of America Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is presently 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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