Beach Investment Counsel Inc. PA boosted its position in shares of Bank of America Corp (NYSE:BAC) by 88.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 290,691 shares of the financial services provider’s stock after buying an additional 136,066 shares during the quarter. Bank of America accounts for approximately 1.1% of Beach Investment Counsel Inc. PA’s investment portfolio, making the stock its 24th largest position. Beach Investment Counsel Inc. PA’s holdings in Bank of America were worth $10,238,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. YHB Investment Advisors Inc. boosted its position in shares of Bank of America by 1.9% in the 3rd quarter. YHB Investment Advisors Inc. now owns 32,863 shares of the financial services provider’s stock valued at $959,000 after purchasing an additional 610 shares during the period. Acropolis Investment Management LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth about $317,000. Kelman Lazarov Inc. purchased a new stake in shares of Bank of America during the 3rd quarter worth about $236,000. First Financial Corp IN raised its stake in shares of Bank of America by 43.5% during the 3rd quarter. First Financial Corp IN now owns 3,277 shares of the financial services provider’s stock worth $96,000 after purchasing an additional 994 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Bank of America by 9.3% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 705,042 shares of the financial services provider’s stock worth $20,566,000 after purchasing an additional 60,119 shares in the last quarter. 69.15% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on BAC shares. DA Davidson started coverage on Bank of America in a research note on Wednesday, January 8th. They set a “neutral” rating and a $36.00 price target for the company. Citigroup raised their price target on Bank of America from $29.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $33.00 price objective (up from $30.00) on shares of Bank of America in a research note on Monday, November 4th. Argus reissued a “buy” rating and issued a $39.00 price objective (up from $35.00) on shares of Bank of America in a research note on Wednesday, January 15th. Finally, Morgan Stanley reissued a “buy” rating and issued a $38.00 price objective (up from $35.00) on shares of Bank of America in a research note on Monday, November 18th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $35.29.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.05. The firm had revenue of $22.30 billion for the quarter, compared to analyst estimates of $22.30 billion. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.70 EPS. On average, analysts forecast that Bank of America Corp will post 3.05 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, March 5th. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.
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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