Bessemer Group Inc. lessened its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,224,664 shares of the financial services provider's stock after selling 434,835 shares during the quarter. Bank of America comprises 1.1% of Bessemer Group Inc.'s holdings, making the stock its 14th biggest position. Bessemer Group Inc. owned 0.20% of Bank of America worth $635,326,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG raised its holdings in shares of Bank of America by 35.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after buying an additional 226,246 shares during the last quarter. BankPlus Trust Department acquired a new stake in shares of Bank of America during the fourth quarter worth $117,000. Prasad Wealth Partners LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $200,000. Finally, Addison Advisors LLC increased its position in shares of Bank of America by 21.8% in the 4th quarter. Addison Advisors LLC now owns 18,816 shares of the financial services provider's stock valued at $827,000 after acquiring an additional 3,364 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.
Bank of America Trading Up 1.4%
BAC stock traded up $0.66 during trading on Thursday, reaching $47.51. 40,075,726 shares of the stock were exchanged, compared to its average volume of 39,865,895. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $357.83 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 1.27 and a beta of 1.30. The business has a 50 day moving average price of $42.91 and a 200-day moving average price of $43.33. Bank of America Corporation 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 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. The firm had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, research analysts predict that Bank of America Corporation 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 given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on BAC shares. Cfra Research lifted their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Cowen initiated coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Barclays reduced 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. Finally, The Goldman Sachs Group raised their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.56.
Check Out Our Latest Stock Report on Bank of America
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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