Bank of America Corporation $BAC Shares Acquired by Picton Mahoney Asset Management

Picton Mahoney Asset Management increased its stake in Bank of America Corporation (NYSE:BAC) by 5.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 694,393 shares of the financial services provider’s stock after purchasing an additional 32,961 shares during the period. Picton Mahoney Asset Management’s holdings in Bank of America were worth $35,824,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Permanent Capital Management LP bought a new stake in Bank of America in the 3rd quarter valued at $649,000. Meridian Wealth Management LLC raised its position in shares of Bank of America by 54.6% during the third quarter. Meridian Wealth Management LLC now owns 58,308 shares of the financial services provider’s stock valued at $3,008,000 after buying an additional 20,591 shares during the last quarter. Lockheed Martin Investment Management Co. raised its position in shares of Bank of America by 15.9% during the third quarter. Lockheed Martin Investment Management Co. now owns 629,610 shares of the financial services provider’s stock valued at $32,482,000 after buying an additional 86,290 shares during the last quarter. World Equity Group Inc. lifted its stake in shares of Bank of America by 21.8% in the third quarter. World Equity Group Inc. now owns 73,188 shares of the financial services provider’s stock valued at $3,779,000 after buying an additional 13,119 shares during the period. Finally, AdvisorShares Investments LLC acquired a new stake in Bank of America during the third quarter worth about $482,000. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wolfe Research cut Bank of America from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 7th. Morgan Stanley lowered their price objective on Bank of America from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, January 15th. Wells Fargo & Company upped their target price on Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Oppenheimer raised their target price on Bank of America from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Finally, Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Twenty-two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $60.30.

Bank of America Price Performance

Shares of BAC stock opened at $49.97 on Wednesday. The stock’s fifty day simple moving average is $53.67 and its 200 day simple moving average is $52.52. Bank of America Corporation has a one year low of $33.06 and a one year high of $57.55. The firm has a market cap of $358.62 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 1.21 and a beta of 1.28. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. During the same period in the prior year, the company posted $0.82 earnings per share. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a $0.28 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s payout ratio is 29.24%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.