Tower Research Capital LLC TRC Grows Position in Bank of America (BAC)

Tower Research Capital LLC TRC boosted its holdings in Bank of America (NYSE:BAC) by 87.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,872 shares of the financial services provider’s stock after purchasing an additional 32,603 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Bank of America were worth $2,062,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in Bank of America by 5.8% during the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after buying an additional 5,720,403 shares during the last quarter. Legal & General Group Plc raised its position in Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after buying an additional 379,854 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after buying an additional 9,612,342 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Bank of America by 13.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after buying an additional 4,801,300 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in Bank of America by 3.7% during the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock worth $1,175,286,000 after buying an additional 1,403,412 shares during the last quarter. Hedge funds and other institutional investors own 69.84% of the company’s stock.

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A number of equities analysts have commented on BAC shares. Credit Suisse Group upped their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, March 16th. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price objective for the company in a research report on Thursday, March 1st. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, December 14th. Finally, Wells Fargo set a $35.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Nine investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $30.97.

Shares of NYSE BAC opened at $30.32 on Friday. The stock has a market capitalization of $306,081.47, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.51 and a beta of 1.37. Bank of America has a 52 week low of $22.07 and a 52 week high of $33.05. 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 (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 EPS. equities research analysts expect that Bank of America will post 2.48 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 2nd were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.58%. Bank of America’s payout ratio is 26.23%.

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

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

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