Clarius Group LLC lifted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 28.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,715 shares of the financial services provider's stock after acquiring an additional 18,137 shares during the period. Clarius Group LLC's holdings in Bank of America were worth $3,410,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Bank of America during the fourth quarter worth $5,226,989,000. Capital World Investors boosted its stake in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.6% during the fourth 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 buying an additional 11,691,451 shares in the last quarter. Amundi boosted its stake in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in 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 in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on BAC shares. TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective for the company. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. 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 report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $47.69.
Read Our Latest Report on Bank of America
Bank of America Trading Up 1.8%
NYSE:BAC traded up $0.79 on Thursday, hitting $45.02. 37,676,876 shares of the stock were exchanged, compared to its average volume of 39,791,457. The stock has a market capitalization of $339.09 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 1.22 and a beta of 1.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The company's 50-day moving average price is $41.98 and its 200 day moving average price is $43.35.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data 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 firm 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 10.25% and a net margin of 14.56%. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America's 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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