Peak Asset Management LLC acquired a new stake in shares of Bank of America (NYSE:BAC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,900 shares of the financial services provider’s stock, valued at approximately $204,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. 1ST Source Bank grew its holdings in shares of Bank of America by 4.8% during the third quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock valued at $2,056,000 after buying an additional 3,690 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Bank of America by 1.9% during the third quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock valued at $172,469,000 after buying an additional 128,510 shares during the last quarter. Personal Capital Advisors Corp acquired a new position in shares of Bank of America during the third quarter valued at about $311,000. Bronfman E.L. Rothschild L.P. grew its holdings in shares of Bank of America by 7.5% during the third quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock valued at $1,639,000 after buying an additional 4,537 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Bank of America by 75.3% during the third quarter. Victory Capital Management Inc. now owns 1,401,094 shares of the financial services provider’s stock valued at $35,504,000 after buying an additional 601,675 shares during the last quarter. Hedge funds and other institutional investors own 69.85% of the company’s stock.
A number of research analysts have recently issued reports on BAC shares. Instinet reduced their price objective on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets raised their price target on shares of Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Tuesday, January 2nd. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target on the stock. in a research report on Wednesday, January 10th. Ten research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $31.32.
Shares of BAC stock opened at $30.18 on Friday. The stock has a market capitalization of $307,720.47, a price-to-earnings ratio of 16.49, a P/E/G ratio of 1.48 and a beta of 1.37. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.90 and a current ratio of 0.92. Bank of America has a 52 week low of $22.07 and a 52 week high of $33.05.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 earnings per share. research analysts predict that Bank of America will post 2.53 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date was Thursday, March 1st. Bank of America’s dividend payout ratio is 26.23%.
TRADEMARK VIOLATION WARNING: This report was published by Macon Daily and is owned by of Macon Daily. If you are reading this report on another site, it was illegally stolen and republished in violation of US & international copyright & trademark law. The correct version of this report can be viewed at https://macondaily.com/2018/04/20/6900-shares-in-bank-of-america-bac-purchased-by-peak-asset-management-llc.html.
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.
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.