6,900 Shares in Bank of America (BAC) Purchased by Peak Asset Management LLC

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.

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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%.

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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.

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

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