Perennial Investment Advisors LLC acquired a new stake in Bank of America Corp (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 11,797 shares of the financial services provider’s stock, valued at approximately $416,000.
Other hedge funds also recently made changes to their positions in the company. Parnassus Investments CA bought a new stake in Bank of America during the 3rd quarter valued at $523,079,000. California Public Employees Retirement System raised its stake in shares of Bank of America by 25.7% during the third quarter. California Public Employees Retirement System now owns 19,822,621 shares of the financial services provider’s stock valued at $578,226,000 after acquiring an additional 4,055,592 shares during the last quarter. M&G Investment Management Ltd. bought a new position in shares of Bank of America during the fourth quarter valued at about $101,903,000. USS Investment Management Ltd boosted its holdings in shares of Bank of America by 110.6% during the third quarter. USS Investment Management Ltd now owns 5,266,214 shares of the financial services provider’s stock worth $153,642,000 after purchasing an additional 2,766,214 shares during the period. Finally, Boston Partners boosted its holdings in shares of Bank of America by 5.3% during the third quarter. Boston Partners now owns 50,203,449 shares of the financial services provider’s stock worth $1,465,640,000 after purchasing an additional 2,542,808 shares during the period. Hedge funds and other institutional investors own 69.15% of the company’s stock.
A number of brokerages recently issued reports on BAC. DA Davidson started coverage on Bank of America in a report on Wednesday, January 8th. They set a “neutral” rating and a $36.00 price target on the stock. BMO Capital Markets cut Bank of America from an “outperform” rating to a “market perform” rating and set a $37.00 target price on the stock. in a research note on Thursday, January 2nd. Morgan Stanley restated a “buy” rating and set a $38.00 target price (up previously from $35.00) on shares of Bank of America in a report on Monday, November 18th. Barclays upgraded Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 target price for the company in a report on Monday, January 6th. Finally, Credit Suisse Group raised their price target on Bank of America from $38.00 to $39.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. Bank of America has an average rating of “Hold” and an average target price of $35.29.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. The firm had revenue of $22.30 billion for the quarter, compared to the consensus estimate of $22.30 billion. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 earnings per share. On average, equities analysts forecast that Bank of America Corp will post 3.05 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.07%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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