Alpha Cubed Investments LLC Decreases Stake in Bank of America (BAC)

Alpha Cubed Investments LLC reduced its holdings in shares of Bank of America (NYSE:BAC) by 10.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,456 shares of the financial services provider’s stock after selling 8,860 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Bank of America were worth $2,198,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Bank of New York Mellon Corp grew its stake in shares of Bank of America by 5.8% in the fourth quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after buying an additional 5,720,403 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Bank of America by 0.7% in the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after buying an additional 379,854 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Bank of America by 13.6% in the third quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after buying an additional 4,801,300 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Bank of America by 3.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock valued at $1,175,286,000 after buying an additional 1,403,412 shares in the last quarter. 69.84% of the stock is owned by institutional investors.

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BAC opened at $29.63 on Monday. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $33.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $303,520.53, a PE ratio of 16.19, a PEG ratio of 1.49 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. sell-side analysts predict that Bank of America will post 2.48 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Thursday, March 1st. Bank of America’s dividend payout ratio is currently 26.23%.

Several equities analysts recently weighed in on BAC shares. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. 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. Barclays lifted their price objective on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Tuesday, January 2nd. Finally, Instinet reduced their price objective on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. Nine investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Bank of America currently has a consensus rating of “Buy” and a consensus price target of $30.97.

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

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

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