Tikehau Investment Management Takes $874,000 Position in Bank of America Corporation (NYSE:BAC)

Tikehau Investment Management purchased a new stake in Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 20,943 shares of the financial services provider's stock, valued at approximately $874,000. Bank of America accounts for 1.4% of Tikehau Investment Management's portfolio, making the stock its 22nd biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Gradient Investments LLC grew its stake in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after buying an additional 50,296 shares during the last quarter. Employees Retirement System of Texas grew its stake in Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after buying an additional 17,880 shares during the last quarter. Prosperity Wealth Management Inc. purchased a new position in Bank of America during the 1st quarter worth $998,000. Alpha Cubed Investments LLC grew its stake in Bank of America by 37.2% during the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after buying an additional 17,619 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in Bank of America by 170.5% during the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock worth $9,951,000 after buying an additional 150,299 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of Bank of America stock opened at $48.47 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31. The business has a 50-day moving average price of $45.91 and a 200 day moving average price of $43.74. The firm has a market cap of $365.09 billion, a PE 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 announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating 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 firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the previous year, the business earned $0.83 EPS. Bank of America's revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.28 per share. 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 yield of 2.31%. The ex-dividend date is Friday, September 5th. Bank of America's payout ratio is 30.41%.

Bank of America announced that its board has approved a stock buyback program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have commented on the company. Baird R W cut Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. UBS Group lifted their price target on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. 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 research report on Tuesday, April 1st. Finally, The Goldman Sachs Group lifted their price target on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $50.03.

Bank of America Profile

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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