Peddock Capital Advisors LLC Boosts Position in Bank of America Co. (NYSE:BAC)

Peddock Capital Advisors LLC raised its position in Bank of America Co. (NYSE:BAC) by 2.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 80,163 shares of the financial services provider’s stock after purchasing an additional 1,770 shares during the period. Bank of America comprises approximately 0.8% of Peddock Capital Advisors LLC’s portfolio, making the stock its 29th biggest holding. Peddock Capital Advisors LLC’s holdings in Bank of America were worth $2,699,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BAC. Barclays PLC increased its holdings in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd raised its position 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 worth $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board grew its holdings in Bank of America by 143.5% during the 3rd 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 buying 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 during the third quarter worth $168,610,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.6 %

Shares of Bank of America stock traded down $0.21 during trading hours on Wednesday, hitting $37.63. 14,367,482 shares of the company’s stock traded hands, compared to its average volume of 40,294,234. 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 Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The stock has a 50 day simple moving average of $36.61 and a 200-day simple moving average of $33.31. The company has a market cap of $294.28 billion, a PE ratio of 13.00, a PEG ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the firm earned $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.21 earnings per share for the current fiscal 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 issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.55%. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of research firms recently commented on BAC. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. HSBC restated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. JPMorgan Chase & Co. lifted their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. UBS Group restated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. 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 report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.70.

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.