Shapiro Capital Management LLC Has $97.01 Million Position in Bank of America Co. (NYSE:BAC)

Shapiro Capital Management LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 5.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,207,346 shares of the financial services provider's stock after selling 118,798 shares during the period. Bank of America makes up about 3.3% of Shapiro Capital Management LLC's investment portfolio, making the stock its 12th biggest position. Shapiro Capital Management LLC's holdings in Bank of America were worth $97,013,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of BAC. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Collier Financial bought a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the fourth quarter valued at approximately $31,000. Finally, Glass Jacobson Investment Advisors llc increased its stake in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 276 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $44.32 on Friday. The company has a fifty day moving average price of $39.93 and a two-hundred day moving average price of $43.53. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $333.81 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BAC shares. TD Cowen started coverage on shares of Bank of America in a research report on Thursday. They set a "buy" rating and a $53.00 price objective for the company. Oppenheimer increased their price objective on shares of Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Royal Bank of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Finally, Cfra Research increased their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average price target of $47.50.

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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