Bank of America Co. (NYSE:BAC) Shares Bought by Bigelow Investment Advisors LLC

Bigelow Investment Advisors LLC lifted its holdings in Bank of America Co. (NYSE:BAC) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,840 shares of the financial services provider’s stock after buying an additional 813 shares during the period. Bigelow Investment Advisors LLC’s holdings in Bank of America were worth $702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of BAC. Moneta Group Investment Advisors LLC boosted its position in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the period. Norges Bank acquired a new stake in Bank of America during the fourth quarter valued at $3,436,543,000. Barclays PLC boosted its position in Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Snider Financial Group boosted its position in Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after purchasing an additional 14,297,496 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd boosted its position in Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. HSBC restated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $38.53.

Bank of America Stock Performance

BAC stock traded up $1.20 during trading on Friday, reaching $36.97. 55,900,253 shares of the stock were exchanged, compared to its average volume of 41,777,957. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a market capitalization of $291.72 billion, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 1.59 and a beta of 1.39. The stock has a 50 day simple moving average of $35.61 and a 200-day simple moving average of $32.24. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.94 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.16 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.60%. Bank of America’s dividend payout ratio is currently 33.22%.

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.