Channing Global Advisors LLC Buys 12,479 Shares of Bank of America Co. (NYSE:BAC)

Channing Global Advisors LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 43.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,484 shares of the financial services provider’s stock after purchasing an additional 12,479 shares during the period. Bank of America makes up 1.1% of Channing Global Advisors LLC’s portfolio, making the stock its 23rd biggest position. Channing Global Advisors LLC’s holdings in Bank of America were worth $1,397,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Fortis Group Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter valued at about $25,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares in the last quarter. Criterion Capital Advisors LLC acquired a new stake in Bank of America in the 4th quarter valued at approximately $32,000. ZRC Wealth Management LLC lifted its stake in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC lifted its position 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 worth $43,000 after purchasing an additional 325 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded up $0.06 during mid-day trading on Friday, hitting $37.97. 9,078,933 shares of the company’s stock were exchanged, compared to its average volume of 41,197,738. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.49. The stock’s 50-day simple moving average is $36.06 and its 200-day simple moving average is $32.64. The firm has a market cap of $299.61 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.72 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

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 analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. On average, equities research analysts expect that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 yield of 2.53%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BAC. Barclays raised their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. HSBC reaffirmed a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. BMO Capital Markets increased their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Finally, Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.53.

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