Itau Unibanco Holding S.A. acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 137,197 shares of the financial services provider's stock, valued at approximately $6,030,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Keel Point LLC grew its holdings in shares of Bank of America by 18.6% in the 4th quarter. Keel Point LLC now owns 36,272 shares of the financial services provider's stock worth $1,594,000 after purchasing an additional 5,682 shares during the last quarter. LGT Financial Advisors LLC grew its position in shares of Bank of America by 7,250.0% in the 4th quarter. LGT Financial Advisors LLC now owns 2,940 shares of the financial services provider's stock valued at $129,000 after purchasing an additional 2,900 shares during the period. Freestone Grove Partners LP acquired a new stake in shares of Bank of America in the 4th quarter valued at about $16,330,000. Unisphere Establishment grew its position in Bank of America by 26.7% in the fourth quarter. Unisphere Establishment now owns 240,750 shares of the financial services provider's stock valued at $10,581,000 after purchasing an additional 50,750 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its position in shares of Bank of America by 6.8% during the 4th quarter. Rehmann Capital Advisory Group now owns 44,135 shares of the financial services provider's stock worth $1,940,000 after purchasing an additional 2,799 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Stock Up 2.3 %
Shares of BAC traded up $0.91 during mid-day trading on Friday, hitting $41.08. 41,601,768 shares of the company's stock were exchanged, compared to its average volume of 39,257,039. The company has a market cap of $312.32 billion, a PE ratio of 12.76, a P/E/G ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a 50-day simple moving average of $40.01 and a 200 day simple moving average of $43.52.
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 EPS for the quarter, beating the consensus estimate 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 business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid 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 yield of 2.53%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
Analysts Set New Price Targets
BAC has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced 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. Citigroup decreased their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Finally, Hsbc Global Res raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.25.
Check Out Our Latest Stock Analysis on BAC
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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