Mondrian Investment Partners LTD Makes New $83.59 Million Investment in Bank of America Corporation $BAC

Mondrian Investment Partners LTD bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the 3rd quarter, HoldingsChannel reports. The fund bought 1,620,338 shares of the financial services provider’s stock, valued at approximately $83,593,000.

Other large investors also recently modified their holdings of the company. Hill Island Financial LLC boosted its holdings in shares of Bank of America by 4.6% in the 3rd quarter. Hill Island Financial LLC now owns 4,994 shares of the financial services provider’s stock valued at $258,000 after buying an additional 221 shares during the period. Mmbg Investment Advisors CO. lifted its holdings in Bank of America by 0.5% in the third quarter. Mmbg Investment Advisors CO. now owns 238,413 shares of the financial services provider’s stock worth $12,300,000 after acquiring an additional 1,280 shares during the last quarter. Zions Bancorporation National Association UT boosted its stake in Bank of America by 44.7% in the third quarter. Zions Bancorporation National Association UT now owns 19,991 shares of the financial services provider’s stock valued at $1,031,000 after acquiring an additional 6,173 shares during the period. Capital Planning Advisors LLC grew its holdings in shares of Bank of America by 156.1% during the third quarter. Capital Planning Advisors LLC now owns 54,697 shares of the financial services provider’s stock valued at $2,822,000 after purchasing an additional 33,337 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC grew its holdings in shares of Bank of America by 3.9% during the third quarter. Northwestern Mutual Investment Management Company LLC now owns 217,187 shares of the financial services provider’s stock valued at $11,205,000 after purchasing an additional 8,148 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $52.53 on Tuesday. The stock has a market cap of $383.59 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.29. The firm’s 50-day simple moving average is $54.40 and its 200 day simple moving average is $52.11. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.96 by $0.02. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. During the same quarter last year, the company earned $0.82 EPS. Bank of America’s quarterly revenue was up 12.3% on a year-over-year basis. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is presently 29.24%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BAC. Oppenheimer boosted their price objective on Bank of America from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, December 18th. TD Cowen cut their target price on Bank of America from $66.00 to $64.00 and set a “buy” rating on the stock in a research note on Thursday, January 15th. JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Morgan Stanley cut their price objective on shares of 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. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.30.

About Bank of America

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.