Signaturefd LLC increased its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 30.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,880 shares of the financial services provider's stock after acquiring an additional 38,842 shares during the period. Signaturefd LLC's holdings in Bank of America were worth $5,585,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. DT Investment Partners LLC lifted its stake in Bank of America by 5.5% during the 4th quarter. DT Investment Partners LLC now owns 8,756 shares of the financial services provider's stock worth $305,000 after acquiring an additional 456 shares in the last quarter. abrdn plc increased its holdings in Bank of America by 27.4% during the 4th quarter. abrdn plc now owns 6,132,324 shares of the financial services provider's stock worth $206,475,000 after purchasing an additional 1,318,369 shares during the period. Hunter Associates Investment Management LLC purchased a new stake in Bank of America during the 4th quarter worth about $220,000. Cooke & Bieler LP increased its holdings in Bank of America by 22.1% during the 4th quarter. Cooke & Bieler LP now owns 1,643,794 shares of the financial services provider's stock worth $55,347,000 after purchasing an additional 297,253 shares during the period. Finally, J.W. Cole Advisors Inc. increased its holdings in Bank of America by 0.6% during the 4th quarter. J.W. Cole Advisors Inc. now owns 114,914 shares of the financial services provider's stock worth $3,869,000 after purchasing an additional 655 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.
Bank of America Stock Performance
Bank of America stock traded up $1.20 during mid-day trading on Friday, reaching $36.97. 56,273,683 shares of the company were exchanged, compared to its average volume of 39,086,852. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The firm's 50-day simple moving average is $35.68 and its two-hundred day simple moving average is $32.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.80 and a current ratio of 0.79. The firm has a market cap of $291.72 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.61 and a beta of 1.39.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analysts' expectations of $25.49 billion. During the same period last year, the firm earned $0.94 EPS. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. Bank of America's payout ratio is 33.22%.
Wall Street Analyst Weigh In
Several brokerages have weighed in on BAC. BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a "market perform" rating in a report on Thursday. HSBC restated a "hold" rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Morgan Stanley upgraded Bank of America from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Erste Group Bank upgraded Bank of America from a "hold" rating to a "buy" rating in a report on Wednesday, April 3rd. Finally, Odeon Capital Group downgraded Bank of America from a "buy" rating to a "hold" rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $38.53.
Read Our Latest Stock Analysis on Bank of America
About Bank of America
(
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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