Cubic Asset Management LLC increased its stake in shares of Bank of America Corp (NYSE:BAC) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,531 shares of the financial services provider’s stock after acquiring an additional 708 shares during the quarter. Cubic Asset Management LLC’s holdings in Bank of America were worth $934,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Boston Partners boosted its stake in Bank of America by 5.3% during the third quarter. Boston Partners now owns 50,203,449 shares of the financial services provider’s stock worth $1,465,640,000 after acquiring an additional 2,542,808 shares in the last quarter. Primecap Management Co. CA boosted its stake in Bank of America by 1.6% during the second quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock worth $1,055,666,000 after acquiring an additional 573,200 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Bank of America by 2.3% during the third quarter. Parametric Portfolio Associates LLC now owns 27,678,525 shares of the financial services provider’s stock worth $807,383,000 after acquiring an additional 627,776 shares in the last quarter. California Public Employees Retirement System boosted its stake in Bank of America by 25.7% during the third quarter. California Public Employees Retirement System now owns 19,822,621 shares of the financial services provider’s stock worth $578,226,000 after acquiring an additional 4,055,592 shares in the last quarter. Finally, Parnassus Investments CA bought a new position in Bank of America during the third quarter worth $523,079,000. 69.21% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently issued reports on the stock. BMO Capital Markets lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 target price on the stock. in a research note on Thursday, January 2nd. Argus restated a “buy” rating and set a $39.00 price objective (up previously from $35.00) on shares of Bank of America in a report on Wednesday, January 15th. UBS Group downgraded shares of Bank of America from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $34.00 to $36.00 in a report on Monday, January 6th. DA Davidson started coverage on shares of Bank of America in a report on Wednesday, January 8th. They set a “neutral” rating and a $36.00 price objective on the stock. Finally, ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, December 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $35.29.
BAC opened at $33.54 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 1.00. The company’s fifty day moving average price is $34.72 and its two-hundred day moving average price is $31.12. Bank of America Corp has a 1-year low of $26.21 and a 1-year high of $35.72. The company has a market cap of $306.91 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.24 and a beta of 1.64.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The firm had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $22.30 billion. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The business’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 earnings per share. As a group, equities analysts forecast that Bank of America Corp will post 3.05 earnings per share for the current fiscal year.
Bank of America Company 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.
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