Bronfman E.L. Rothschild L.P. grew its position in shares of Bank of America Corp (NYSE:BAC) by 7.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 77,483 shares of the financial services provider’s stock after acquiring an additional 5,437 shares during the quarter. Bronfman E.L. Rothschild L.P.’s holdings in Bank of America were worth $1,909,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CI Investments Inc. boosted its stake in Bank of America by 168.5% in the third quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock valued at $172,061,000 after acquiring an additional 3,665,300 shares during the last quarter. GSA Capital Partners LLP boosted its stake in Bank of America by 76.5% in the third quarter. GSA Capital Partners LLP now owns 17,989 shares of the financial services provider’s stock valued at $530,000 after acquiring an additional 7,797 shares during the last quarter. Vident Investment Advisory LLC bought a new position in Bank of America in the third quarter valued at approximately $214,000. Point72 Asset Management L.P. boosted its stake in Bank of America by 27.3% in the third quarter. Point72 Asset Management L.P. now owns 75,600 shares of the financial services provider’s stock valued at $2,227,000 after acquiring an additional 16,200 shares during the last quarter. Finally, Jackson Grant Investment Advisers Inc. boosted its stake in Bank of America by 78.5% in the third quarter. Jackson Grant Investment Advisers Inc. now owns 7,207 shares of the financial services provider’s stock valued at $212,000 after acquiring an additional 3,169 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.
A number of brokerages have issued reports on BAC. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday, March 12th. HSBC began coverage on shares of Bank of America in a research report on Thursday, April 4th. They set a “hold” rating and a $29.00 price target on the stock. Barclays reissued a “hold” rating on shares of Bank of America in a research report on Thursday, January 17th. Robert W. Baird reissued a “hold” rating and set a $28.00 price target on shares of Bank of America in a research report on Wednesday, January 2nd. Finally, Macquarie cut shares of Bank of America from an “outperform” rating to a “neutral” rating in a research report on Monday, January 7th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $33.24.
Shares of NYSE BAC opened at $29.88 on Wednesday. The firm has a market cap of $305.67 billion, a PE ratio of 11.45, a PEG ratio of 1.32 and a beta of 1.48. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.94.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The company had revenue of $23 billion for the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the firm posted $0.62 earnings per share. As a group, equities analysts anticipate that Bank of America Corp will post 2.85 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.15 dividend. The ex-dividend date was Thursday, February 28th. This represents a $0.60 annualized dividend and a yield of 2.01%. Bank of America’s dividend payout ratio is currently 22.99%.
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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