A.R.T. Advisors LLC Invests $8,413,000 in Bank of America Corp (BAC)

A.R.T. Advisors LLC acquired a new position in Bank of America Corp (NYSE:BAC) during the fourth quarter, Holdings Channel reports. The firm acquired 380,700 shares of the financial services provider’s stock, valued at approximately $8,413,000. Bank of America Corp comprises 0.5% of A.R.T. Advisors LLC’s investment portfolio, making the stock its 13th largest position.

Several other large investors also recently modified their holdings of BAC. Forte Capital LLC ADV raised its stake in shares of Bank of America Corp by 15.8% in the third quarter. Forte Capital LLC ADV now owns 12,544 shares of the financial services provider’s stock worth $196,000 after buying an additional 1,711 shares during the last quarter. One Capital Management LLC raised its stake in shares of Bank of America Corp by 5.3% in the third quarter. One Capital Management LLC now owns 147,999 shares of the financial services provider’s stock worth $2,316,000 after buying an additional 7,481 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its stake in shares of Bank of America Corp by 1.0% in the third quarter. Canandaigua National Bank & Trust Co. now owns 129,614 shares of the financial services provider’s stock worth $2,028,000 after buying an additional 1,341 shares during the last quarter. Patten & Patten Inc. TN raised its stake in shares of Bank of America Corp by 4.8% in the third quarter. Patten & Patten Inc. TN now owns 165,151 shares of the financial services provider’s stock worth $2,585,000 after buying an additional 7,594 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Bank of America Corp by 1.8% in the third quarter. Nisa Investment Advisors LLC now owns 3,794,030 shares of the financial services provider’s stock worth $59,377,000 after buying an additional 65,774 shares during the last quarter. Institutional investors and hedge funds own 63.95% of the company’s stock.

Institutional Ownership by Quarter for Bank of America Corp (NYSE:BAC)

Bank of America Corp (NYSE:BAC) opened at 23.12 on Monday. The firm’s 50-day moving average is $24.34 and its 200 day moving average is $20.60. The firm has a market cap of $243.14 billion, a P/E ratio of 15.44 and a beta of 1.47. Bank of America Corp has a 12-month low of $12.05 and a 12-month high of $25.80.

Bank of America Corp (NYSE:BAC) last issued its earnings results on Friday, January 13th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.02. Bank of America Corp had a net margin of 18.10% and a return on equity of 6.85%. The firm had revenue of $20 billion for the quarter. During the same quarter in the prior year, the business posted $0.27 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities analysts forecast that Bank of America Corp will post $1.74 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend is Wednesday, March 1st. Bank of America Corp’s dividend payout ratio is 21.74%.

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A number of research analysts recently weighed in on the stock. Vetr downgraded shares of Bank of America Corp from a “buy” rating to a “hold” rating and set a $25.70 target price for the company. in a research report on Wednesday, March 1st. Zacks Investment Research downgraded shares of Bank of America Corp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 15th. Credit Suisse Group AG lifted their price objective on shares of Bank of America Corp to $27.00 and gave the company an “outperform” rating in a research report on Thursday, March 16th. Compass Point downgraded shares of Bank of America Corp from a “neutral” rating to a “sell” rating and set a $20.00 price objective for the company. in a research report on Thursday, March 16th. Finally, Macquarie raised shares of Bank of America Corp from a “neutral” rating to an “outperform” rating and set a $28.00 price objective for the company in a research report on Thursday, February 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company. Bank of America Corp presently has an average rating of “Buy” and an average target price of $21.75.

Bank of America Corp Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

5 Day Chart for NYSE:BAC

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