Cadence Bank NA raised its holdings in shares of Bank of America (NYSE:BAC) by 12.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,217 shares of the financial services provider’s stock after purchasing an additional 1,847 shares during the quarter. Cadence Bank NA’s holdings in Bank of America were worth $479,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. Janus Henderson Group PLC increased its position in shares of Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the period. Vanguard Group Inc. increased its position in shares of Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. Parametric Portfolio Associates LLC increased its position in shares of Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares during the period. Finally, Investec Asset Management LTD increased its position in shares of Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares during the period. 69.84% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America stock traded down $0.69 during midday trading on Friday, reaching $29.63. The company 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 current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $303,520.53, a P/E ratio of 16.19, a P/E/G ratio of 1.49 and a beta of 1.37. Bank of America has a fifty-two week low of $22.07 and a fifty-two week 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 the Zacks’ consensus estimate 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 firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 earnings per share. equities analysts anticipate that Bank of America will post 2.48 earnings per share for the current fiscal year.
The firm also recently declared 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 annualized dividend and a yield of 1.62%. The ex-dividend date was Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.
A number of research analysts recently commented on BAC shares. Keefe, Bruyette & Woods raised their price target on Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, December 14th. Wells Fargo set a $35.00 target price on Bank of America and gave the company a “buy” rating in a research report on Wednesday, December 20th. Barclays lifted their target price on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Tuesday, January 2nd. Finally, Instinet decreased their target price on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. Nine equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus 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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