American International Group Inc. Boosts Stake in Bank of America (BAC)

American International Group Inc. increased its holdings in Bank of America (NYSE:BAC) by 4.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 3,286,133 shares of the financial services provider’s stock after buying an additional 137,398 shares during the period. American International Group Inc.’s holdings in Bank of America were worth $97,007,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Burt Wealth Advisors boosted its stake in Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the period. MPS Loria Financial Planners LLC acquired a new position in Bank of America during the 2nd quarter valued at about $115,000. Legacy Advisors LLC acquired a new position in Bank of America during the 3rd quarter valued at about $115,000. HWG Holdings LP acquired a new position in Bank of America during the 3rd quarter valued at about $116,000. Finally, Bristlecone Advisors LLC acquired a new position in Bank of America during the 3rd quarter valued at about $128,000. 69.84% of the stock is owned by institutional investors and hedge funds.

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NYSE BAC opened at $29.63 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05. The company has a market capitalization of $310,588.69, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 1.53 and a beta of 1.37.

Bank of America (NYSE:BAC) last released its earnings results 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. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. During the same period in the previous year, the firm earned $0.40 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. research analysts expect that Bank of America will post 2.48 EPS for the current fiscal year.

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

BAC has been the subject of a number of analyst reports. Instinet reduced their target price on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets boosted their target price on shares of Bank of America to $34.00 and gave the company an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. Vining Sparks reissued a “buy” rating and set a $34.00 target price on shares of Bank of America in a research note on Wednesday, January 17th. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price for the company. in a research note on Wednesday, January 10th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday, January 2nd. Nine investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $30.97.

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About Bank of America

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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