North Star Asset Management Inc. bought a new stake in shares of Bank of America Corp (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 6,665 shares of the financial services provider’s stock, valued at approximately $235,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Boston Partners lifted its stake in Bank of America by 5.3% in the 3rd quarter. Boston Partners now owns 50,203,449 shares of the financial services provider’s stock valued at $1,465,640,000 after buying an additional 2,542,808 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of 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 purchasing an additional 627,776 shares during the last quarter. California Public Employees Retirement System grew its position in shares of Bank of America by 0.6% in the fourth quarter. California Public Employees Retirement System now owns 19,941,819 shares of the financial services provider’s stock valued at $702,351,000 after purchasing an additional 119,198 shares during the period. Parnassus Investments CA purchased a new stake in shares of Bank of America in the third quarter valued at $523,079,000. Finally, Bessemer Group Inc. increased its stake in Bank of America by 17.3% in the fourth quarter. Bessemer Group Inc. now owns 13,639,868 shares of the financial services provider’s stock valued at $480,398,000 after purchasing an additional 2,011,954 shares during the last quarter. Institutional investors own 69.15% of the company’s stock.
BAC has been the topic of a number of research analyst reports. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price objective for the company. in a research note on Tuesday, January 21st. Argus reiterated a “buy” rating and set a $39.00 price objective (up from $35.00) on shares of Bank of America in a report on Wednesday, January 15th. Morgan Stanley reiterated a “buy” rating and set a $38.00 price objective (up from $35.00) on shares of Bank of America in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $33.00 target price (up from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $35.29.
Bank of America stock traded down $0.06 during midday trading on Friday, hitting $34.85. 26,341,053 shares of the company were exchanged, compared to its average volume of 45,565,240. The company’s fifty day moving average price is $34.47 and its 200-day moving average price is $31.53. The company has a market cap of $313.34 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.26 and a beta of 1.59. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a fifty-two week low of $26.21 and a fifty-two week high of $35.72.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. The firm had revenue of $22.30 billion during the quarter, compared to analysts’ expectations of $22.30 billion. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. Bank of America’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. On average, analysts expect that Bank of America Corp will post 3.05 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, March 5th. Bank of America’s payout ratio is 24.49%.
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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