ING Groep NV cut its stake in Bank of America (NYSE:BAC) by 28.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,971,651 shares of the financial services provider’s stock after selling 5,858,866 shares during the period. Bank of America comprises approximately 8.1% of ING Groep NV’s portfolio, making the stock its largest position. ING Groep NV owned about 0.15% of Bank of America worth $449,000,000 as of its most recent filing with the SEC.
A number of other large investors also recently made changes to their positions in BAC. HWG Holdings LP purchased a new position in Bank of America in the third quarter worth $116,000. Ballew Advisors Inc purchased a new position in Bank of America in the first quarter worth $129,000. Avestar Capital LLC bought a new stake in Bank of America in the fourth quarter worth $135,000. Gradient Investments LLC bought a new stake in Bank of America in the fourth quarter worth $150,000. Finally, Taylor Hoffman Wealth Management bought a new stake in Bank of America in the fourth quarter worth $151,000. Institutional investors own 67.22% of the company’s stock.
BAC has been the subject of several recent research reports. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley boosted their price target 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. Vetr downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $28.21 price target for the company. in a research note on Tuesday, February 13th. Zacks Investment Research downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Finally, Credit Suisse Group boosted their price target on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, March 16th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $32.13.
Shares of Bank of America opened at $30.21 on Friday, MarketBeat.com reports. The stock has a market cap of $311.82 billion, a PE ratio of 16.51, a PEG ratio of 1.49 and a beta of 1.37. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America has a 12 month low of $22.07 and a 12 month high of $33.05.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. The firm had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. equities analysts anticipate that Bank of America will post 2.55 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Thursday, May 31st. Bank of America’s payout ratio is currently 26.23%.
Bank of America Company 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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