Boston Partners lowered its position in shares of Bank of America Corp (NYSE:BAC) by 30.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,087,680 shares of the financial services provider’s stock after selling 19,963,727 shares during the quarter. Bank of America accounts for about 1.6% of Boston Partners’ holdings, making the stock its 6th largest position. Boston Partners owned approximately 0.45% of Bank of America worth $1,135,600,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. NewSquare Capital LLC increased its stake in Bank of America by 50.0% in the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after buying an additional 500 shares during the period. Intercontinental Wealth Advisors LLC acquired a new position in Bank of America in the 4th quarter valued at approximately $41,000. Private Ocean LLC increased its stake in Bank of America by 131.9% in the 4th quarter. Private Ocean LLC now owns 1,679 shares of the financial services provider’s stock valued at $41,000 after buying an additional 955 shares during the period. Financial Gravity Companies Inc. bought a new stake in Bank of America in the fourth quarter worth approximately $54,000. Finally, Mackey Komara & Dankovich LLC bought a new stake in Bank of America in the fourth quarter worth approximately $54,000. Institutional investors and hedge funds own 64.22% of the company’s stock.
NYSE BAC opened at $29.30 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.94. The firm has a market cap of $300.14 billion, a P/E ratio of 11.23, a PEG ratio of 1.27 and a beta of 1.49. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $32.57.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.07. The business had revenue of $22.89 billion during the quarter, compared to the consensus estimate of $22.37 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. Bank of America’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 EPS. On average, equities research analysts expect that Bank of America Corp will post 2.84 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
Several research firms have commented on BAC. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research report on Monday, January 21st. Jefferies Financial Group boosted their target price on shares of Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, January 18th. Barclays reissued a “hold” rating on shares of Bank of America in a research report on Thursday, January 17th. Finally, Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, January 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.18.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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