Voleon Capital Management LP purchased a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 150,192 shares of the financial services provider's stock, valued at approximately $6,601,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Graney & King LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $25,000. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the fourth quarter worth $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the fourth quarter valued at $31,000. Finally, Glass Jacobson Investment Advisors llc boosted its holdings 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 acquiring an additional 276 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.
Bank of America Stock Up 2.3 %
NYSE BAC traded up $0.91 during trading on Friday, hitting $41.08. The stock had a trading volume of 41,601,768 shares, compared to its average volume of 39,256,999. The company has a market capitalization of $312.32 billion, a PE ratio of 12.76, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company's 50-day moving average price is $40.07 and its two-hundred day moving average price is $43.52. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.
Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping 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 analysts' expectations of $26.83 billion. As a group, sell-side analysts forecast 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. Investors of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.53%. Bank of America's payout ratio is presently 30.95%.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on BAC shares. Cfra Research upped their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Barclays decreased their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Royal Bank of Canada reduced their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $47.25.
View Our Latest Stock Report 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.
Featured Articles
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
