Pure Financial Advisors Inc. boosted its stake in shares of Bank of America Corp (NYSE:BAC) by 4.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,572 shares of the financial services provider’s stock after buying an additional 485 shares during the period. Pure Financial Advisors Inc.’s holdings in Bank of America Corp were worth $273,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Dodge & Cox purchased a new position in Bank of America Corp during the fourth quarter valued at about $4,159,570,000. Norges Bank purchased a new position in Bank of America Corp during the fourth quarter valued at about $2,256,221,000. The Manufacturers Life Insurance Company purchased a new position in Bank of America Corp during the third quarter valued at about $809,171,000. Lansdowne Partners UK LLP increased its position in Bank of America Corp by 38,029.0% in the fourth quarter. Lansdowne Partners UK LLP now owns 30,503,227 shares of the financial services provider’s stock valued at $674,141,000 after buying an additional 30,423,227 shares during the last quarter. Finally, Lone Pine Capital LLC purchased a new position in Bank of America Corp during the fourth quarter valued at about $478,937,000. 63.95% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Bank of America Corp (NYSE:BAC) opened at 23.07 on Friday. The firm has a 50-day moving average of $23.88 and a 200-day moving average of $21.62. Bank of America Corp has a 12-month low of $12.05 and a 12-month high of $25.80. The firm has a market cap of $242.61 billion, a P/E ratio of 15.41 and a beta of 1.47.
Bank of America Corp (NYSE:BAC) last released its earnings results on Tuesday, April 18th. The financial services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.06. The firm had revenue of $22.45 billion for the quarter, compared to analysts’ expectations of $21.77 billion. Bank of America Corp had a net margin of 18.10% and a return on equity of 6.85%. Bank of America Corp’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. On average, equities analysts forecast that Bank of America Corp will post $1.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Friday, March 3rd were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, March 1st. This represents a $0.30 annualized dividend and a dividend yield of 1.30%. Bank of America Corp’s dividend payout ratio (DPR) is 21.74%.
Several equities analysts recently issued reports on BAC shares. Vetr raised Bank of America Corp from a “buy” rating to a “strong-buy” rating and set a $26.88 target price on the stock in a research report on Tuesday, March 21st. Daiwa Capital Markets raised Bank of America Corp from a “hold” rating to an “outperform” rating in a research report on Tuesday, February 7th. Zacks Investment Research downgraded Bank of America Corp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 15th. Royal Bank of Canada reissued a “buy” rating and issued a $26.00 target price on shares of Bank of America Corp in a research report on Tuesday, April 4th. Finally, Vining Sparks raised Bank of America Corp to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $22.30.
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.
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