Channing Global Advisors LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Channing Global Advisors LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 43.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 41,484 shares of the financial services provider’s stock after buying an additional 12,479 shares during the period. Bank of America accounts for about 1.1% of Channing Global Advisors LLC’s investment portfolio, making the stock its 23rd biggest holding. Channing Global Advisors LLC’s holdings in Bank of America were worth $1,397,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Impact Partnership Wealth LLC increased its holdings in Bank of America by 879.9% in the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock worth $61,000 after buying an additional 2,015 shares during the period. GHP Investment Advisors Inc. boosted its position in Bank of America by 2.6% in the 3rd quarter. GHP Investment Advisors Inc. now owns 127,343 shares of the financial services provider’s stock worth $3,408,000 after purchasing an additional 3,170 shares in the last quarter. Carolina Wealth Advisors LLC boosted its position in Bank of America by 3,372.9% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 2,431 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 2,361 shares in the last quarter. Meridian Wealth Management LLC boosted its position in Bank of America by 79.5% in the 3rd quarter. Meridian Wealth Management LLC now owns 74,154 shares of the financial services provider’s stock worth $2,030,000 after purchasing an additional 32,847 shares in the last quarter. Finally, CreativeOne Wealth LLC boosted its position in Bank of America by 67.4% in the 3rd quarter. CreativeOne Wealth LLC now owns 64,962 shares of the financial services provider’s stock worth $1,779,000 after purchasing an additional 26,160 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.2 %

Shares of BAC stock traded up $0.06 during trading hours on Friday, reaching $37.97. 9,078,933 shares of the stock were exchanged, compared to its average volume of 41,197,738. The business’s fifty day moving average is $36.06 and its two-hundred day moving average is $32.64. The firm has a market capitalization of $299.61 billion, a P/E ratio of 13.10, a P/E/G ratio of 1.72 and a beta of 1.39. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. As a group, research analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.53%. Bank of America’s payout ratio is 33.22%.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Oppenheimer decreased their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. BMO Capital Markets raised their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Finally, UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $38.53.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.