DSG Capital Advisors LLC bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 153,652 shares of the financial services provider's stock, valued at approximately $6,753,000. Bank of America accounts for approximately 1.2% of DSG Capital Advisors LLC's investment portfolio, making the stock its 23rd biggest holding.
A number of other large investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management purchased a new position in shares of Bank of America during the 4th quarter valued at approximately $60,679,000. Arizona State Retirement System grew its stake in Bank of America by 0.5% in 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 acquiring an additional 10,377 shares during the period. Keybank National Association OH raised its position in Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after acquiring an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Bank of America by 0.7% during 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 in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on the stock. Cowen started coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Barclays cut their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and upped their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.50.
View Our Latest Research Report on BAC
Bank of America Stock Down 0.2%
Shares of BAC traded down $0.10 during midday trading on Friday, reaching $44.14. The stock had a trading volume of 66,528,527 shares, compared to its average volume of 39,868,402. The company has a market cap of $332.46 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. The company's fifty day simple moving average is $40.46 and its two-hundred day simple moving average is $43.56. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.
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 (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.
Bank of America Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is currently 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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