NEOS Investment Management LLC Acquires 274,086 Shares of Bank of America Corporation $BAC

NEOS Investment Management LLC increased its position in Bank of America Corporation (NYSE:BAC) by 51.2% during the 3rd quarter, Holdings Channel reports. The firm owned 809,511 shares of the financial services provider’s stock after acquiring an additional 274,086 shares during the quarter. NEOS Investment Management LLC’s holdings in Bank of America were worth $41,763,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of BAC. Norges Bank bought a new position in shares of Bank of America during the 2nd quarter worth approximately $5,091,641,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Bank of America by 124.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after purchasing an additional 9,782,208 shares during the last quarter. ABN AMRO Bank N.V. acquired a new stake in Bank of America during the 2nd quarter valued at approximately $202,439,000. OMERS ADMINISTRATION Corp raised its stake in shares of Bank of America by 881.5% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 4,210,388 shares of the financial services provider’s stock valued at $199,236,000 after buying an additional 3,781,417 shares during the last quarter. Finally, LSV Asset Management increased its holdings in shares of Bank of America by 96.5% during the 2nd quarter. LSV Asset Management now owns 6,882,719 shares of the financial services provider’s stock valued at $325,690,000 after purchasing an additional 3,379,335 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.0%

Shares of NYSE:BAC opened at $52.53 on Tuesday. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $57.55. The company has a market capitalization of $383.59 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.29. The stock’s fifty day simple moving average is $54.40 and its 200-day simple moving average is $52.11. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $27.73 billion. During the same period in the prior year, the business posted $0.82 earnings per share. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 29.24%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Tuesday, January 27th. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Evercore set a $59.00 price target on Bank of America in a research report on Thursday, January 15th. Finally, Royal Bank Of Canada upped their price objective on Bank of America from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Twenty-two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.30.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.