Corbenic Partners LLC purchased a new position in shares of Bank of America Corp (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,100 shares of the financial services provider’s stock, valued at approximately $39,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Price T Rowe Associates Inc. MD grew its stake in Bank of America by 35.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after acquiring an additional 19,688,816 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Bank of America by 1,905.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after acquiring an additional 57,060,331 shares during the period. Boston Partners raised its stake in shares of Bank of America by 5.3% in the 3rd quarter. Boston Partners now owns 50,203,449 shares of the financial services provider’s stock valued at $1,465,640,000 after acquiring an additional 2,542,808 shares during the period. Primecap Management Co. CA lifted its holdings in shares of Bank of America by 1.6% in the 2nd quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock worth $1,055,666,000 after acquiring an additional 573,200 shares during the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in shares of Bank of America by 2.3% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 27,678,525 shares of the financial services provider’s stock worth $807,383,000 after acquiring an additional 627,776 shares during the last quarter. Hedge funds and other institutional investors own 69.19% of the company’s stock.
In related news, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the completion of the transaction, the insider now owns 43,744 shares in the company, valued at $1,322,381.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank P. Bramble sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.
BAC stock traded up $0.47 during midday trading on Tuesday, hitting $35.53. The company’s stock had a trading volume of 34,006,822 shares, compared to its average volume of 37,904,084. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.99. Bank of America Corp has a 52-week low of $25.61 and a 52-week high of $35.72. The firm has a market capitalization of $318.92 billion, a P/E ratio of 13.61, a PEG ratio of 1.28 and a beta of 1.64. The firm has a 50-day simple moving average of $34.45 and a 200-day simple moving average of $30.81.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 earnings per share. On average, sell-side analysts expect that Bank of America Corp will post 2.87 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, December 6th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.72 dividend on an annualized basis and a yield of 2.03%. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
BAC has been the subject of several research reports. DA Davidson began coverage on shares of Bank of America in a report on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 target price for the company. Barclays upgraded Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price target on the stock in a research note on Monday, January 6th. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Citigroup raised their price target on Bank of America from $29.00 to $37.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $34.45.
About Bank of America
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.
Featured Story: Understanding the different types of bonds
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.