Intact Investment Management Inc. Buys 123,600 Shares of Bank of America Co. (NYSE:BAC)

Intact Investment Management Inc. boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 47.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 383,100 shares of the financial services provider’s stock after acquiring an additional 123,600 shares during the quarter. Intact Investment Management Inc.’s holdings in Bank of America were worth $12,899,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in Bank of America during the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc boosted its stake in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $32,000. ZRC Wealth Management LLC boosted its stake in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC boosted its stake in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.2 %

BAC stock traded down $0.08 during mid-day trading on Friday, hitting $37.83. 28,668,680 shares of the company were exchanged, compared to its average volume of 40,953,860. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $298.50 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.70 and a beta of 1.39. The firm’s 50 day simple moving average is $36.13 and its 200 day simple moving average is $32.72. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the company earned $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Jefferies Financial Group lifted their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $38.53.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.