Bank of America (NYSE:BAC) Holdings Boosted by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI boosted its holdings in Bank of America (NYSE:BAC) by 8.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,458 shares of the financial services provider’s stock after buying an additional 4,883 shares during the period. Parsons Capital Management Inc. RI’s holdings in Bank of America were worth $1,873,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. TIAA CREF Investment Management LLC increased its position in shares of Bank of America by 1.7% during the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares during the period. Legal & General Group Plc increased its position in shares of Bank of America by 0.7% during the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of Bank of America by 13.6% during the third quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after purchasing an additional 4,801,300 shares during the period. 69.84% of the stock is currently owned by institutional investors.

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Bank of America stock traded down $0.69 on Friday, reaching $29.63. The company’s stock had a trading volume of 79,687,623 shares, compared to its average volume of 68,331,544. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market cap of $310,588.69, a P/E ratio of 16.19, a P/E/G ratio of 1.53 and a beta of 1.37. Bank of America has a twelve month low of $22.07 and a twelve month high of $33.05.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. equities research analysts predict that Bank of America will post 2.48 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date was Thursday, March 1st. Bank of America’s dividend payout ratio is currently 26.23%.

A number of research firms have recently issued reports on BAC. Keefe, Bruyette & Woods restated a “buy” rating and set a $35.00 price objective on shares of Bank of America in a research report on Thursday. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price objective on the stock. in a research report on Monday, March 12th. Credit Suisse Group boosted their price objective on Bank of America from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, March 16th. Societe Generale cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Finally, ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Nine investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $30.97.

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Bank of America 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.

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

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