Choreo LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Choreo LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 49.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 138,507 shares of the financial services provider’s stock after acquiring an additional 45,703 shares during the period. Choreo LLC’s holdings in Bank of America were worth $4,664,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Barclays PLC increased its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd increased its holdings in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the period. Darsana Capital Partners LP bought a new stake in Bank of America during the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board lifted its stake in Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after purchasing an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in Bank of America in the 3rd quarter valued at $168,610,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BAC shares. HSBC restated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, BMO Capital Markets lifted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.59.

Bank of America Stock Performance

Bank of America stock opened at $37.56 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50 day moving average price of $36.20 and a 200-day moving average price of $32.88. The company has a market capitalization of $296.37 billion, a PE ratio of 13.00, a P/E/G ratio of 1.69 and a beta of 1.39. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating 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 company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Bank of America’s payout ratio is 33.22%.

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.