State of Alaska Department of Revenue cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,242,607 shares of the financial services provider’s stock after selling 2,764 shares during the quarter. Bank of America accounts for approximately 0.6% of State of Alaska Department of Revenue’s holdings, making the stock its 29th biggest holding. State of Alaska Department of Revenue’s holdings in Bank of America were worth $30,616,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the business. Capital World Investors increased its position in shares of Bank of America by 0.7% during the 3rd quarter. Capital World Investors now owns 41,115,262 shares of the financial services provider’s stock valued at $1,211,256,000 after purchasing an additional 273,716 shares during the last quarter. Lansdowne Partners UK LLP boosted its position in shares of Bank of America by 3.0% in the 2nd quarter. Lansdowne Partners UK LLP now owns 32,953,489 shares of the financial services provider’s stock valued at $928,965,000 after purchasing an additional 954,047 shares during the period. Standard Life Aberdeen plc boosted its position in shares of Bank of America by 2.3% in the 3rd quarter. Standard Life Aberdeen plc now owns 20,334,753 shares of the financial services provider’s stock valued at $599,163,000 after purchasing an additional 455,380 shares during the period. Schroder Investment Management Group boosted its position in shares of Bank of America by 1.2% in the 3rd quarter. Schroder Investment Management Group now owns 18,187,536 shares of the financial services provider’s stock valued at $535,804,000 after purchasing an additional 217,088 shares during the period. Finally, Primecap Management Co. CA boosted its position in shares of Bank of America by 1.5% in the 3rd quarter. Primecap Management Co. CA now owns 17,784,527 shares of the financial services provider’s stock valued at $523,932,000 after purchasing an additional 256,200 shares during the period. 64.36% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on the company. Wolfe Research assumed coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. BMO Capital Markets raised their price objective on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Tuesday, October 16th. Macquarie cut Bank of America from an “outperform” rating to a “neutral” rating in a report on Monday. They noted that the move was a valuation call. Finally, Edward Jones upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $33.51.
Bank of America stock traded down $0.03 during midday trading on Thursday, reaching $25.73. The stock had a trading volume of 65,192,286 shares, compared to its average volume of 69,389,578. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $33.05. The stock has a market capitalization of $262.03 billion, a P/E ratio of 14.06, a PEG ratio of 1.13 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98.
Bank of America (NYSE:BAC) last issued its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The firm had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. During the same quarter last year, the firm earned $0.48 earnings per share. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corp will post 2.55 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 28th. Investors of record on Friday, December 7th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Thursday, December 6th. Bank of America’s payout ratio is currently 32.79%.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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