Bank of America Co. (NYSE:BAC) Stake Boosted by Capital Research Global Investors

Capital Research Global Investors boosted its position in shares of Bank of America Co. (NYSE:BAC) by 1,600.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,590,335 shares of the financial services provider’s stock after purchasing an additional 7,143,906 shares during the period. Capital Research Global Investors owned 0.10% of Bank of America worth $333,595,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Lederer & Associates Investment Counsel CA raised its holdings in shares of Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock valued at $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co lifted its position in Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its holdings in shares of Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. Marino Stram & Associates LLC increased its position in shares of Bank of America by 1.7% in the fourth quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management boosted its position in Bank of America by 2.8% during the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.3 %

Shares of NYSE BAC opened at $37.44 on Friday. The firm has a fifty day simple moving average of $41.27 and a two-hundred day simple moving average of $43.62. The firm has a market capitalization of $284.65 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Ratings Changes

Several research firms have issued reports on BAC. Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup cut their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, Morgan Stanley boosted their target price on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.43.

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.