Fortis Group Advisors LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Fortis Group Advisors LLC increased its position in Bank of America Co. (NYSE:BAC) by 100.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,828 shares of the financial services provider’s stock after buying an additional 914 shares during the period. Fortis Group Advisors LLC’s holdings in Bank of America were worth $62,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in Bank of America in the 4th quarter worth approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Bank of America by 360.9% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Alphinity Investment Management Pty Ltd grew its stake 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 acquiring an additional 12,880,492 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. Finally, Darsana Capital Partners LP purchased a new stake in Bank of America in the 3rd quarter worth $177,970,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BAC. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Trading Down 0.1 %

Bank of America stock traded down $0.02 during mid-day trading on Friday, hitting $39.24. The company’s stock had a trading volume of 32,347,866 shares, compared to its average volume of 33,762,496. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a 50 day moving average of $38.23 and a 200-day moving average of $35.51. Bank of America Co. has a one year low of $24.96 and a one year high of $40.19. The stock has a market cap of $306.87 billion, a PE ratio of 13.58, a P/E/G ratio of 1.74 and a beta of 1.36.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

About Bank of America

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.