GM Advisory Group Inc. raised its holdings in Bank of America (NYSE:BAC) by 59.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 46,814 shares of the financial services provider’s stock after buying an additional 17,450 shares during the period. GM Advisory Group Inc.’s holdings in Bank of America were worth $1,382,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. FDx Advisors Inc. increased its position in shares of Bank of America by 3.8% during the fourth quarter. FDx Advisors Inc. now owns 353,529 shares of the financial services provider’s stock worth $10,436,000 after purchasing an additional 12,941 shares in the last quarter. Ontario Teachers Pension Plan Board increased its position in shares of Bank of America by 10.0% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 3,350,976 shares of the financial services provider’s stock worth $98,921,000 after purchasing an additional 305,617 shares in the last quarter. American International Group Inc. increased its position in shares of Bank of America by 4.4% during the fourth quarter. American International Group Inc. now owns 3,286,133 shares of the financial services provider’s stock worth $97,007,000 after purchasing an additional 137,398 shares in the last quarter. Valmark Advisers Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth about $220,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Bank of America during the fourth quarter worth about $2,397,000. Institutional investors and hedge funds own 69.84% of the company’s stock.
A number of analysts have recently commented on the company. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Royal Bank of Canada lifted their target price on Bank of America to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price on the stock. in a research report on Monday, March 12th. Barclays boosted their price target 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. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $35.00 price target on shares of Bank of America in a research report on Thursday. Nine analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $30.97.
Shares of BAC opened at $29.63 on Monday. Bank of America has a twelve month low of $22.07 and a twelve month high of $33.05. The company has a market capitalization of $303,520.53, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.49 and a beta of 1.37. 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 (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the previous year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. analysts expect that Bank of America will post 2.48 EPS 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 issued 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 presently 26.23%.
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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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