Advanced Portfolio Management LLC Has $1.26 Million Holdings in Bank of America Co. (NYSE:BAC)

Advanced Portfolio Management LLC raised its stake in shares of Bank of America Co. (NYSE:BAC) by 256.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 27,194 shares of the financial services provider’s stock after acquiring an additional 19,560 shares during the quarter. Bank of America accounts for 1.5% of Advanced Portfolio Management LLC’s holdings, making the stock its 26th largest position. Advanced Portfolio Management LLC’s holdings in Bank of America were worth $1,259,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new stake in Bank of America in the 4th quarter valued at $60,679,000. Arizona State Retirement System boosted its position in shares of Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH raised its position in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 2.3 %

BAC opened at $41.08 on Friday. The firm has a 50 day simple moving average of $40.01 and a 200 day simple moving average of $43.52. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a market cap of $312.32 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAC. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Finally, Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.25.

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.