DnB Asset Management AS grew its position in shares of Bank of America Co. (NYSE:BAC) by 5.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,918,927 shares of the financial services provider’s stock after buying an additional 237,541 shares during the quarter. Bank of America makes up about 1.4% of DnB Asset Management AS’s investment portfolio, making the stock its 12th largest holding. DnB Asset Management AS owned approximately 0.06% of Bank of America worth $190,313,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in BAC. Truvestments Capital LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Clark Financial Advisors acquired a new stake in Bank of America in the 4th quarter worth approximately $29,000. Diversified LLC acquired a new stake in Bank of America in the 4th quarter worth approximately $29,000. Kathmere Capital Management LLC acquired a new stake in Bank of America in the 3rd quarter worth approximately $31,000. Finally, Clean Yield Group lifted its holdings in Bank of America by 90.9% in the 4th quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.
Several equities research analysts recently weighed in on BAC shares. Royal Bank of Canada boosted their target price on Bank of America from $37.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of America from $35.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, April 1st. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and boosted their target price for the stock from $27.00 to $36.00 in a report on Tuesday, January 5th. Morgan Stanley lifted their price target on Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a research report on Monday, March 8th. Finally, Robert W. Baird lifted their price target on Bank of America from $38.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and an average target price of $36.68.
BAC opened at $39.15 on Friday. The stock has a market cap of $337.76 billion, a PE ratio of 19.38, a P/E/G ratio of 2.13 and a beta of 1.59. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $20.10 and a 1 year high of $40.38. The stock’s 50 day simple moving average is $38.02 and its 200-day simple moving average is $31.16.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.21. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.67 billion. During the same period in the previous year, the business posted $0.40 earnings per share. Bank of America’s quarterly revenue was up .1% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Friday, March 5th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Thursday, March 4th. Bank of America’s dividend payout ratio (DPR) is 24.49%.
Bank of America 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
Recommended Story: Straddles
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.