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Leigh Baldwin & CO. LLC Purchases New Shares in Bank of America Co. (NYSE:BAC)

Bank of America logo with Finance background

Leigh Baldwin & CO. LLC bought a new position in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 20,449 shares of the financial services provider's stock, valued at approximately $899,000.

Several other large investors have also bought and sold shares of BAC. Norges Bank purchased a new position in Bank of America in the fourth quarter worth about $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% in 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 during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% in 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 during the last quarter. Amundi raised its holdings in Bank of America by 37.1% in 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 during the last quarter. Finally, Northern Trust Corp raised its holdings in Bank of America by 17.2% in 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. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC traded up $0.07 during mid-day trading on Thursday, reaching $44.13. The stock had a trading volume of 16,319,728 shares, compared to its average volume of 39,708,563. The firm has a market cap of $332.37 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The business has a fifty day moving average of $40.42 and a 200 day moving average of $43.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America's dividend payout ratio is 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada decreased their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of 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 investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Check Out Our Latest Stock Analysis on BAC

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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