Bank of America (BAC) Holdings Reduced by Pitcairn Co.

Pitcairn Co. decreased its position in shares of Bank of America (NYSE:BAC) by 1.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 133,318 shares of the financial services provider’s stock after selling 1,791 shares during the period. Bank of America accounts for about 0.4% of Pitcairn Co.’s investment portfolio, making the stock its 25th largest position. Pitcairn Co.’s holdings in Bank of America were worth $3,936,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Janus Henderson Group PLC raised its position in shares of Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after buying an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Bank of America by 5.8% during the fourth quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after buying an additional 5,720,403 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Bank of America by 13.6% during the third quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after buying an additional 4,801,300 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Bank of America by 173.0% during the fourth quarter. SG Americas Securities LLC now owns 1,789,973 shares of the financial services provider’s stock valued at $52,840,000 after buying an additional 4,243,334 shares during the last quarter. Institutional investors own 69.85% of the company’s stock.

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NYSE BAC opened at $30.18 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The firm has a market cap of $307,720.47, a price-to-earnings ratio of 16.49, a PEG ratio of 1.48 and a beta of 1.37. Bank of America has a 52 week low of $22.07 and a 52 week high of $33.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03. The company had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. Bank of America’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 earnings per share. analysts predict that Bank of America will post 2.53 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s payout ratio is 26.23%.

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price for the company. in a report on Wednesday, January 10th. Vining Sparks reissued a “buy” rating and issued a $34.00 target price on shares of Bank of America in a report on Wednesday, January 17th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $35.00 target price on shares of Bank of America in a report on Thursday, April 5th. Ten analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $31.32.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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