Gabalex Capital Management LLC Acquires Shares of 150,000 Bank of America Corp (BAC)

Gabalex Capital Management 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 SEC. The fund acquired 150,000 shares of the financial services provider’s stock, valued at approximately $4,428,000. Bank of America comprises approximately 1.3% of Gabalex Capital Management LLC’s investment portfolio, making the stock its 17th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Burt Wealth Advisors raised its position in shares of Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America during the second quarter worth $115,000. Legacy Advisors LLC bought a new stake in shares of Bank of America during the third quarter worth $115,000. HWG Holdings LP bought a new stake in shares of Bank of America during the third quarter worth $116,000. Finally, Bristlecone Advisors LLC bought a new stake in shares of Bank of America during the third quarter worth $128,000. Hedge funds and other institutional investors own 69.92% of the company’s stock.

Shares of Bank of America Corp (NYSE:BAC) opened at $32.84 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52 week low of $22.07 and a 52 week high of $33.05. The company has a market capitalization of $335,173.56, a price-to-earnings ratio of 21.19, a P/E/G ratio of 1.66 and a beta of 1.36.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. During the same period in the previous year, the firm earned $0.40 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. analysts anticipate that Bank of America Corp will post 2.46 EPS for the current year.

Bank of America declared that its board has initiated a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.46%. Bank of America’s payout ratio is 30.97%.

A number of equities research analysts have recently weighed in on BAC shares. Instinet dropped their target price on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets boosted their target price on Bank of America to $34.00 and gave the stock an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. Royal Bank of Canada restated a “buy” rating and set a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Tuesday, January 2nd. Finally, Wells Fargo & Co set a $35.00 target price on Bank of America and gave the stock a “buy” rating in a research report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $30.35.

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Bank of America Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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