Cora Capital Advisors LLC Acquires Shares of 6,326 Bank of America Co. (NYSE:BAC)

Cora Capital Advisors LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 6,326 shares of the financial services provider’s stock, valued at approximately $213,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Barclays PLC boosted its holdings in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd boosted its holdings in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP bought a new stake in shares of Bank of America during the 3rd quarter valued at $177,970,000. Canada Pension Plan Investment Board boosted its holdings in shares of Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after buying an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $168,610,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC stock traded down $0.08 during midday trading on Friday, hitting $37.83. The company’s stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $298.50 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The company has a 50 day moving average of $36.13 and a two-hundred day moving average of $32.80.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date 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 is currently 33.22%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BAC shares. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Barclays upped their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $38.53.

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