Headinvest LLC Boosts Stake in Bank of America Corp (BAC)

Headinvest LLC raised its stake in shares of Bank of America Corp (NYSE:BAC) by 100.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 30,340 shares of the financial services provider’s stock after acquiring an additional 15,170 shares during the quarter. Headinvest LLC’s holdings in Bank of America were worth $748,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of BAC. Northern Trust Corp boosted its position in shares of Bank of America by 1.7% during the 4th quarter. Northern Trust Corp now owns 101,947,104 shares of the financial services provider’s stock valued at $2,511,976,000 after acquiring an additional 1,696,074 shares in the last quarter. Harris Associates L P boosted its position in shares of Bank of America by 0.8% during the 4th quarter. Harris Associates L P now owns 81,107,007 shares of the financial services provider’s stock valued at $1,998,477,000 after acquiring an additional 669,104 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Bank of America by 2,345.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock valued at $2,351,000 after buying an additional 55,563,977 shares in the last quarter. Legal & General Group Plc boosted its position in Bank of America by 5.7% in the fourth quarter. Legal & General Group Plc now owns 43,093,827 shares of the financial services provider’s stock valued at $1,061,797,000 after buying an additional 2,322,908 shares in the last quarter. Finally, Standard Life Aberdeen plc boosted its position in Bank of America by 2.3% in the third quarter. Standard Life Aberdeen plc now owns 20,334,753 shares of the financial services provider’s stock valued at $599,163,000 after buying an additional 455,380 shares in the last quarter. Institutional investors own 65.24% of the company’s stock.

In other news, insider Dean C. Athanasia sold 129,615 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the transaction, the insider now directly owns 243,617 shares in the company, valued at $7,254,914.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by corporate insiders.

A number of research firms have commented on BAC. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. BMO Capital Markets boosted their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Wednesday, April 17th. Jefferies Financial Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Wednesday, April 17th. HSBC began coverage on shares of Bank of America in a research report on Thursday, April 4th. They issued a “hold” rating and a $29.00 price target on the stock. Finally, Oppenheimer boosted their price target on shares of Bank of America from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Bank of America currently has an average rating of “Hold” and a consensus target price of $33.18.

NYSE:BAC opened at $30.35 on Monday. The stock has a market capitalization of $310.90 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.33 and a beta of 1.47. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.91. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The firm had revenue of $23 billion for the quarter, compared to analyst estimates of $23.24 billion. During the same period in the previous year, the business earned $0.62 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. Research analysts predict that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.98%. Bank of America’s payout ratio is 22.99%.

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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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