Choreo LLC Increases Stock Holdings in Bank of America Co. (NYSE:BAC)

Choreo LLC boosted its position in Bank of America Co. (NYSE:BAC) by 49.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 138,507 shares of the financial services provider’s stock after purchasing an additional 45,703 shares during the period. Choreo LLC’s holdings in Bank of America were worth $4,664,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Barclays PLC raised its position in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd lifted its stake in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP purchased a new stake in Bank of America in the third quarter valued at approximately $177,970,000. Canada Pension Plan Investment Board lifted its position in Bank of America by 143.5% during the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in Bank of America in the third quarter worth $168,610,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Down 0.7 %

NYSE BAC opened at $37.56 on Tuesday. The stock has a market cap of $296.37 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The stock has a 50 day simple moving average of $36.20 and a two-hundred day simple moving average of $32.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, April 19th. Evercore ISI upped their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Finally, HSBC reiterated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $38.59.

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.