DAVENPORT & Co LLC raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 392,543 shares of the financial services provider's stock after buying an additional 11,804 shares during the quarter. DAVENPORT & Co LLC's holdings in Bank of America were worth $16,381,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of 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 valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors grew 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 valued at $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on BAC. Evercore ISI lowered their price target 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. Cowen started coverage on Bank of America in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the company an "outperform" rating in a research note on Monday. Barclays dropped their target price 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. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.28.
Check Out Our Latest Analysis on BAC
Bank of America Stock Up 0.5%
Shares of BAC traded up $0.23 during trading hours on Friday, reaching $48.94. The stock had a trading volume of 21,620,278 shares, compared to its average volume of 40,113,109. 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 50-day simple moving average of $44.28 and a 200 day simple moving average of $43.44. The company has a market capitalization of $368.61 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 1.33 and a beta of 1.30. 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 released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.13%. Bank of America's dividend payout ratio (DPR) is 30.95%.
Bank of America Company 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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