Bain Capital Public Equity Management II LLC Takes $116.96 Million Position in Bank of America Corporation $BAC

Bain Capital Public Equity Management II LLC purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,471,636 shares of the financial services provider’s stock, valued at approximately $116,958,000. Bank of America accounts for 5.5% of Bain Capital Public Equity Management II LLC’s investment portfolio, making the stock its 10th largest holding.

Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of Bank of America by 0.3% during the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after buying an additional 403,652 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of America in the second quarter valued at approximately $5,091,641,000. Fisher Asset Management LLC raised its stake in shares of Bank of America by 5.2% during the second quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after purchasing an additional 2,557,943 shares during the last quarter. Amundi lifted its holdings in shares of Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after buying an additional 188,638 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BAC shares. Citigroup boosted their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Wolfe Research raised their target price on Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. TD Cowen increased their price target on shares of Bank of America from $61.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, HSBC boosted their price objective on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $57.77.

Bank of America Price Performance

Shares of NYSE:BAC opened at $53.87 on Tuesday. The company has a market cap of $393.39 billion, a P/E ratio of 14.68 and a beta of 1.30. The business has a fifty day simple moving average of $52.11 and a 200-day simple moving average of $49.23. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $54.83. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the company earned $0.81 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is 30.52%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.