Bank of America Co. (NYSE:BAC) Shares Acquired by Hoey Investments Inc.

Hoey Investments Inc. lifted its stake in Bank of America Co. (NYSE:BAC) by 4.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 159,903 shares of the financial services provider’s stock after acquiring an additional 6,427 shares during the quarter. Bank of America accounts for 1.2% of Hoey Investments Inc.’s investment portfolio, making the stock its 10th largest position. Hoey Investments Inc.’s holdings in Bank of America were worth $7,028,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Bank of America by 1.2% during the third quarter. Geode Capital Management LLC now owns 140,255,970 shares of the financial services provider’s stock worth $5,546,871,000 after buying an additional 1,700,141 shares during the period. Norges Bank purchased a new position in Bank of America during the 4th quarter valued at about $5,226,989,000. Bank of New York Mellon Corp grew its position in Bank of America by 4.9% in the 4th quarter. Bank of New York Mellon Corp now owns 59,613,837 shares of the financial services provider’s stock valued at $2,620,028,000 after acquiring an additional 2,806,927 shares in the last quarter. Fisher Asset Management LLC grew its position in Bank of America by 3.7% in the 4th quarter. Fisher Asset Management LLC now owns 46,887,442 shares of the financial services provider’s stock valued at $2,060,703,000 after acquiring an additional 1,671,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 3.1 %

Shares of NYSE:BAC opened at $41.24 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $313.50 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 1-year low of $34.15 and a 1-year high of $48.08. The firm has a fifty day moving average price of $44.45 and a 200 day moving average price of $43.93.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $0.70 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. Evercore ISI dropped their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Citigroup cut their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Oppenheimer boosted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.45.

Bank of America 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.