International Value Advisers LLC lifted its stake in Bank of America Corp (NYSE:BAC) by 31.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,440,488 shares of the financial services provider’s stock after purchasing an additional 2,527,195 shares during the quarter. Bank of America accounts for about 10.6% of International Value Advisers LLC’s investment portfolio, making the stock its 2nd largest holding. International Value Advisers LLC’s holdings in Bank of America were worth $288,053,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth about $2,656,024,000. Oregon Public Employees Retirement Fund boosted its position in Bank of America by 2,345.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock worth $2,351,000 after acquiring an additional 55,563,977 shares during the period. Brandywine Global Investment Management LLC boosted its position in Bank of America by 111.7% during the 4th quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock worth $286,058,000 after acquiring an additional 6,124,599 shares during the period. Eaton Vance Management boosted its position in Bank of America by 32.4% during the 4th quarter. Eaton Vance Management now owns 16,638,057 shares of the financial services provider’s stock worth $409,962,000 after acquiring an additional 4,071,262 shares during the period. Finally, Millennium Management LLC boosted its position in Bank of America by 92.4% during the 4th quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock worth $196,364,000 after acquiring an additional 3,827,667 shares during the period. Institutional investors and hedge funds own 68.19% of the company’s stock.
Shares of Bank of America stock opened at $28.04 on Monday. The stock has a market cap of $266.61 billion, a PE ratio of 10.74, a PEG ratio of 1.09 and a beta of 1.54. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91. Bank of America Corp has a 52-week low of $22.66 and a 52-week high of $31.91.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. The business had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. Equities analysts expect that Bank of America Corp will post 2.85 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, June 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. Bank of America’s dividend payout ratio is 22.99%.
In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now directly owns 243,617 shares in the company, valued at approximately $7,254,914.26. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by insiders.
A number of equities research analysts have commented on BAC shares. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Oppenheimer raised their price objective on Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 26th. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a research report on Tuesday, April 30th. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research report on Wednesday, April 17th. Finally, BMO Capital Markets raised their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $32.98.
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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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