Synovus Financial Corp Increases Stake in Bank of America Corp (NYSE:BAC)

Synovus Financial Corp grew its position in shares of Bank of America Corp (NYSE:BAC) by 0.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 723,203 shares of the financial services provider’s stock after buying an additional 2,301 shares during the quarter. Synovus Financial Corp’s holdings in Bank of America were worth $25,473,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the business. USS Investment Management Ltd increased its holdings in shares of Bank of America by 1.0% in the 4th quarter. USS Investment Management Ltd now owns 5,319,626 shares of the financial services provider’s stock valued at $187,277,000 after purchasing an additional 53,412 shares in the last quarter. State of Tennessee Treasury Department increased its holdings in shares of Bank of America by 6.9% in the 4th quarter. State of Tennessee Treasury Department now owns 6,213,221 shares of the financial services provider’s stock valued at $218,829,000 after purchasing an additional 400,903 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new position in shares of Bank of America in the 4th quarter valued at about $939,000. Beaumont Financial Partners LLC increased its holdings in shares of Bank of America by 3.6% in the 4th quarter. Beaumont Financial Partners LLC now owns 109,981 shares of the financial services provider’s stock valued at $3,874,000 after purchasing an additional 3,826 shares in the last quarter. Finally, Makena Capital Management LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $3,317,000. Institutional investors own 69.15% of the company’s stock.

A number of equities analysts have recently issued reports on BAC shares. Barclays upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price target for the company in a report on Monday, January 6th. BMO Capital Markets cut shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 price objective on the stock. in a research note on Thursday, January 2nd. Credit Suisse Group increased their price objective on shares of Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. DA Davidson began coverage on shares of Bank of America in a research note on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 price objective on the stock. Finally, Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a research note on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $35.29.

NYSE BAC traded down $0.06 during trading hours on Friday, reaching $34.85. The company’s stock had a trading volume of 26,412,895 shares, compared to its average volume of 44,083,723. The stock has a market cap of $313.34 billion, a PE ratio of 12.72, a PEG ratio of 1.26 and a beta of 1.59. Bank of America Corp has a fifty-two week low of $26.21 and a fifty-two week high of $35.72. The company’s 50-day moving average is $34.47 and its two-hundred day moving average is $31.53. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91.

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 (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The company had revenue of $22.30 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same period last year, the company earned $0.70 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities analysts expect that Bank of America Corp will post 3.05 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, March 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.07%. Bank of America’s dividend payout ratio is currently 24.49%.

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.

Further Reading: Diversification in Investing

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

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