Hodges Capital Management Inc. Boosts Position in Bank of America Corp (BAC)

Hodges Capital Management Inc. increased its stake in Bank of America Corp (NYSE:BAC) by 2.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 210,844 shares of the financial services provider’s stock after purchasing an additional 5,886 shares during the quarter. Hodges Capital Management Inc.’s holdings in Bank of America were worth $5,817,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BAC. Norges Bank purchased a new position in Bank of America in the 4th quarter valued at approximately $2,656,024,000. Northern Trust Corp grew its stake in Bank of America by 1.7% in the 4th quarter. Northern Trust Corp now owns 101,947,104 shares of the financial services provider’s stock valued at $2,511,976,000 after buying an additional 1,696,074 shares in the last quarter. Harris Associates L P grew its stake in Bank of America by 0.8% in the 4th quarter. Harris Associates L P now owns 81,107,007 shares of the financial services provider’s stock valued at $1,998,477,000 after buying an additional 669,104 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Bank of America by 2,345.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock valued at $2,351,000 after buying an additional 55,563,977 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Bank of America by 5.7% in the 4th quarter. Legal & General Group Plc now owns 43,093,827 shares of the financial services provider’s stock valued at $1,061,797,000 after buying an additional 2,322,908 shares in the last quarter. 65.10% of the stock is currently owned by institutional investors.

A number of research firms recently weighed in on BAC. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a research note on Tuesday, April 30th. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. BMO Capital Markets lifted 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 note on Wednesday, April 17th. Zacks Investment Research lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Finally, Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $32.98.

BAC opened at $28.59 on Friday. The firm has a market cap of $289.79 billion, a PE ratio of 10.95, a PEG ratio of 1.24 and a beta of 1.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a one year low of $22.66 and a one year high of $31.91.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The firm had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.62 EPS. Sell-side analysts forecast that Bank of America Corp will post 2.86 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.10%. Bank of America’s dividend payout ratio (DPR) is currently 22.99%.

In other news, insider Dean C. Athanasia sold 129,615 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the transaction, the insider now directly owns 243,617 shares in the company, valued at approximately $7,254,914.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is owned by insiders.

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

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