Ninepoint Partners LP Invests $668,000 in Bank of America Corporation (NYSE:BAC)

Ninepoint Partners LP bought a new stake in Bank of America Corporation (NYSE:BAC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,017 shares of the financial services provider's stock, valued at approximately $668,000.

A number of other institutional investors also recently modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors raised its position in 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 worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD lifted 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 buying an additional 11,691,451 shares in the last quarter. Northern Trust Corp increased its stake in shares of Bank of America by 17.2% in 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 buying an additional 9,980,859 shares during the period. Finally, Deutsche Bank AG raised its position in shares of Bank of America by 39.6% during the fourth quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock worth $1,457,031,000 after acquiring an additional 9,409,076 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.2%

BAC stock traded up $0.08 during trading on Friday, reaching $48.47. The stock had a trading volume of 24,453,044 shares, compared to its average volume of 43,373,284. Bank of America Corporation has a one year low of $33.06 and a one year high of $49.31. The company's 50 day moving average is $45.91 and its two-hundred day moving average is $43.74. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $365.09 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.89 and a beta of 1.30.

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

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 5th. This is a positive change from Bank of America's previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Bank of America's payout ratio is presently 30.41%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird restated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a report on Friday, June 27th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average price target of $50.03.

About Bank of America

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.