Intact Investment Management Inc. Increases Stock Position in Bank of America Co. (NYSE:BAC)

Intact Investment Management Inc. boosted its stake in Bank of America Co. (NYSE:BAC) by 47.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 383,100 shares of the financial services provider’s stock after acquiring an additional 123,600 shares during the period. Intact Investment Management Inc.’s holdings in Bank of America were worth $12,899,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the third quarter valued at about $25,000. Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the last quarter. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at about $32,000. ZRC Wealth Management LLC raised its holdings in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its holdings in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.2 %

Shares of BAC traded down $0.08 on Friday, hitting $37.83. 28,668,680 shares of the stock traded hands, compared to its average volume of 40,953,860. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $298.50 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.70 and a beta of 1.39. The stock’s 50 day moving average is $36.13 and its two-hundred day moving average is $32.72. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Barclays boosted their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Oppenheimer dropped their price target on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $38.53.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.