Bank of America Co. (NYSE:BAC) Stock Position Raised by LGT Group Foundation

LGT Group Foundation lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 26.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,681,194 shares of the financial services provider’s stock after acquiring an additional 356,204 shares during the quarter. Bank of America accounts for 1.3% of LGT Group Foundation’s portfolio, making the stock its 16th largest holding. LGT Group Foundation’s holdings in Bank of America were worth $56,959,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of BAC. Barclays PLC lifted its holdings in shares of Bank of America by 97.3% in 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 in the last quarter. 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. Darsana Capital Partners LP acquired a new stake in Bank of America during the third quarter valued at $177,970,000. Canada Pension Plan Investment Board boosted its position in Bank of America by 143.5% during the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Bank of America during the third quarter valued at $168,610,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC traded down $0.17 on Thursday, hitting $36.78. The company’s stock had a trading volume of 9,131,231 shares, compared to its average volume of 40,634,156. The company has a market capitalization of $290.22 billion, a PE ratio of 12.75, a PEG ratio of 1.66 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.49. The company has a 50 day moving average price of $36.33 and a 200 day moving average price of $32.98.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. On average, research analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. 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, April 18th. Oppenheimer lifted their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.70.

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