Timber Hill LLC Acquires 24,098 Shares of Bank of America (BAC)

Timber Hill LLC lifted its holdings in shares of Bank of America (NYSE:BAC) by 32.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 98,414 shares of the financial services provider’s stock after acquiring an additional 24,098 shares during the quarter. Timber Hill LLC’s holdings in Bank of America were worth $2,905,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. GM Advisory Group Inc. lifted its stake in Bank of America by 59.4% in the 4th quarter. GM Advisory Group Inc. now owns 46,814 shares of the financial services provider’s stock worth $1,382,000 after purchasing an additional 17,450 shares in the last quarter. FDx Advisors Inc. lifted its stake in Bank of America by 3.8% in the 4th 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 lifted its stake in Bank of America by 10.0% in the 4th 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. lifted its stake in Bank of America by 4.4% in the 4th 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. Finally, Valmark Advisers Inc. purchased a new stake in Bank of America in the 4th quarter worth approximately $220,000. Institutional investors own 69.84% of the company’s stock.

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BAC stock opened at $29.63 on Monday. 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 52 week low of $22.07 and a 52 week high of $33.05. The firm has a market cap of $303,520.53, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.49 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, beating the Thomson Reuters’ consensus estimate 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 company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter last year, the firm earned $0.40 EPS. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. research analysts expect that Bank of America will post 2.48 earnings per share for the current 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 dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Thursday, March 1st. Bank of America’s dividend payout ratio is currently 26.23%.

Several research firms have issued reports on BAC. Vetr cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price on the stock. in a research note on Monday, March 12th. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley increased their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Credit Suisse Group increased their price target on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. Finally, Royal Bank of Canada increased their price target on shares of Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Nine equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and an average 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.

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

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