Connective Portfolio Management LLC bought a new stake in Bank of America Co. (NYSE:BAC – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 88,210 shares of the financial services provider’s stock, valued at approximately $2,970,000. Bank of America makes up approximately 6.0% of Connective Portfolio Management LLC’s holdings, making the stock its 2nd biggest position.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Roundview Capital LLC grew its stake in Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after acquiring an additional 2,013 shares during the period. Loomis Sayles & Co. L P grew its stake in Bank of America by 150.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 1,192 shares during the period. NewEdge Advisors LLC grew its stake in Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after acquiring an additional 16,319 shares during the period. First Western Trust Bank acquired a new stake in Bank of America in the 1st quarter worth about $586,000. Finally, Pearl River Capital LLC acquired a new stake in Bank of America in the 1st quarter worth about $534,000. Hedge funds and other institutional investors own 68.06% of the company’s stock.
Bank of America Stock Down 1.2 %
Shares of BAC traded down $0.46 during mid-day trading on Friday, reaching $37.05. 29,001,054 shares of the stock traded hands, compared to its average volume of 42,031,004. The stock has a fifty day simple moving average of $34.17 and a 200 day simple moving average of $31.10. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market cap of $292.35 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.72 and a beta of 1.38. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.61.
Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s revenue was down 10.2% on a year-over-year basis. During the same period last year, the firm earned $0.85 earnings per share. Sell-side analysts expect that Bank of America Co. will post 3.12 EPS for the current fiscal year.
Bank of America Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be issued a $0.24 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.59%. Bank of America’s dividend payout ratio is presently 31.27%.
Insider Buying and Selling at Bank of America
In related news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of the firm’s stock in a transaction on Wednesday, December 27th. The stock was bought at an average cost of $10.56 per share, with a total value of $57,002.88. Following the acquisition, the insider now directly owns 5,398 shares in the company, valued at $57,002.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of brokerages have issued reports on BAC. The Goldman Sachs Group raised their price target on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. Barclays increased 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. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, BMO Capital Markets dropped their price target on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $35.65.
Read Our Latest Stock Analysis on BAC
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Bank of America, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Bank of America wasn’t on the list.
While Bank of America currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.