Sullivan Bruyette Speros & Blaney LLC grew its position in Bank of America (NYSE:BAC) by 31.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 18,038 shares of the financial services provider’s stock after acquiring an additional 4,330 shares during the period. Sullivan Bruyette Speros & Blaney LLC’s holdings in Bank of America were worth $541,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in Bank of America by 5.8% during the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after purchasing an additional 5,720,403 shares during the last quarter. Fred Alger Management Inc. raised its position in Bank of America by 56.5% during the 4th quarter. Fred Alger Management Inc. now owns 14,842,612 shares of the financial services provider’s stock worth $438,154,000 after purchasing an additional 5,360,724 shares during the last quarter. SG Americas Securities LLC grew its holdings in Bank of America by 173.0% during the 4th quarter. SG Americas Securities LLC now owns 1,789,973 shares of the financial services provider’s stock worth $52,840,000 after acquiring an additional 4,243,334 shares during the period. Mackenzie Financial Corp grew its holdings in Bank of America by 44.1% during the 4th quarter. Mackenzie Financial Corp now owns 12,462,731 shares of the financial services provider’s stock worth $367,900,000 after acquiring an additional 3,811,966 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in Bank of America during the 3rd quarter worth about $88,757,000. Institutional investors own 67.22% of the company’s stock.
A number of brokerages have weighed in on BAC. Vetr downgraded Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price target for the company. in a report on Monday, March 12th. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Morgan Stanley increased their price target on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Credit Suisse Group increased their price target on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. Finally, Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Nine investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $32.13.
Bank of America opened at $30.21 on Friday, MarketBeat.com reports. The stock has a market cap of $311.82 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 1.49 and a beta of 1.37. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. 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 released its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The business had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. analysts forecast that Bank of America will post 2.55 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, May 31st. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. Bank of America’s dividend payout ratio (DPR) is currently 26.23%.
About Bank of America
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.
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