AustralianSuper Pty Ltd Has $8.92 Million Stock Position in Bank of America Corporation (NYSE:BAC)

AustralianSuper Pty Ltd decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 5.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 213,818 shares of the financial services provider's stock after selling 11,380 shares during the quarter. AustralianSuper Pty Ltd's holdings in Bank of America were worth $8,923,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors increased its stake in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Northern Trust Corp raised its stake in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Finally, Deutsche Bank AG lifted its holdings in Bank of America by 39.6% in the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock valued at $1,457,031,000 after buying an additional 9,409,076 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Morgan Stanley increased their price objective on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. HSBC downgraded shares of Bank of America from a "buy" rating to a "hold" rating and raised their target price for the company from $47.00 to $51.00 in a research note on Monday, July 7th. Oppenheimer dropped their price objective on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday. Finally, TD Cowen assumed coverage on Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Price Performance

BAC stock opened at $47.33 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The firm has a market cap of $356.48 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.29 and a beta of 1.30. The company's fifty day simple moving average is $45.53 and its 200 day simple moving average is $43.64. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. Bank of America's dividend payout ratio is 30.41%.

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.

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