Opinicus Capital Inc. purchased a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 20,784 shares of the financial services provider's stock, valued at approximately $700,000.
Several other institutional investors have also made changes to their positions in BAC. Schechter Investment Advisors LLC grew its holdings in Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider's stock worth $1,515,000 after acquiring an additional 4,187 shares during the period. Stonebridge Capital Advisors LLC increased its holdings in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider's stock worth $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its stake in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider's stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Sarasin & Partners LLP purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $673,000. Finally, Pinnacle Associates Ltd. lifted its stake in shares of Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider's stock valued at $26,799,000 after buying an additional 225,767 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.
Bank of America Stock Performance
Shares of Bank of America stock traded down $0.08 during midday trading on Friday, hitting $37.83. The company had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The stock has a market cap of $298.50 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a fifty day simple moving average of $36.13 and a 200 day simple moving average of $32.76. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49.
Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.94 EPS. As a group, analysts predict that Bank of America Co. will post 3.19 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 28th. Investors of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America's payout ratio is presently 33.22%.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on BAC. BMO Capital Markets raised their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a "market perform" rating in a research report on Thursday, April 18th. Erste Group Bank raised shares of Bank of America from a "hold" rating to a "buy" rating in a report on Wednesday, April 3rd. HSBC reissued a "hold" rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Oppenheimer dropped their target price on shares of Bank of America from $46.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 17th. Finally, Odeon Capital Group cut shares of Bank of America from a "buy" rating to a "hold" rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Bank of America presently has a consensus rating of "Hold" and an average target price of $38.53.
Check Out Our Latest Research Report on BAC
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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