NN Investment Partners Holdings N.V. raised its position in Bank of America Co. (NYSE:BAC) by 1.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,962,074 shares of the financial services provider’s stock after buying an additional 36,490 shares during the quarter. NN Investment Partners Holdings N.V.’s holdings in Bank of America were worth $75,913,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Norges Bank acquired a new position in Bank of America in the 4th quarter valued at $2,901,869,000. FMR LLC grew its holdings in Bank of America by 9.2% in the 4th quarter. FMR LLC now owns 196,924,593 shares of the financial services provider’s stock valued at $5,968,784,000 after buying an additional 16,517,775 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in Bank of America in the 4th quarter valued at $460,341,000. Steadfast Capital Management LP acquired a new position in Bank of America in the 4th quarter valued at $194,013,000. Finally, Cibc World Markets Corp grew its holdings in Bank of America by 233.1% in the 4th quarter. Cibc World Markets Corp now owns 9,054,909 shares of the financial services provider’s stock valued at $274,454,000 after buying an additional 6,336,489 shares in the last quarter. 68.10% of the stock is currently owned by hedge funds and other institutional investors.
NYSE BAC traded down $0.03 during trading hours on Tuesday, hitting $40.53. 1,268,255 shares of the company’s stock were exchanged, compared to its average volume of 54,064,039. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1-year low of $20.10 and a 1-year high of $41.13. The stock has a 50-day simple moving average of $39.07 and a 200 day simple moving average of $32.43. The firm has a market cap of $349.66 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 2.13 and a beta of 1.59.
Bank of America declared that its board has authorized a share buyback plan on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 1.78%. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
Several analysts have recently issued reports on the company. Morgan Stanley increased their target price on Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a report on Monday, March 8th. Robert W. Baird lowered Bank of America from an “outperform” rating to a “neutral” rating and set a $42.00 target price on the stock. in a report on Tuesday. They noted that the move was a valuation call. Daiwa Capital Markets assumed coverage on Bank of America in a report on Wednesday, January 6th. They set a “neutral” rating and a $31.00 target price on the stock. Credit Suisse Group increased their target price on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, January 20th. Finally, Barclays upped their price objective on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $38.26.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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