Bank of America Co. (NYSE:BAC) Shares Bought by Picton Mahoney Asset Management

Picton Mahoney Asset Management grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 8.7% during the 4th quarter, HoldingsChannel reports. The firm owned 475,092 shares of the financial services provider’s stock after buying an additional 38,186 shares during the period. Picton Mahoney Asset Management’s holdings in Bank of America were worth $20,879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. United Capital Management of KS Inc. purchased a new position in shares of Bank of America during the 4th quarter worth $1,601,000. HMV Wealth Advisors LLC purchased a new stake in Bank of America in the 4th quarter valued at about $217,000. Hilton Capital Management LLC raised its holdings in Bank of America by 86.3% in the 4th quarter. Hilton Capital Management LLC now owns 187,018 shares of the financial services provider’s stock valued at $8,219,000 after buying an additional 86,617 shares during the period. Postrock Partners LLC purchased a new stake in Bank of America in the 4th quarter valued at about $407,000. Finally, Analyst IMS Investment Management Services Ltd. raised its holdings in Bank of America by 14.6% in the 4th quarter. Analyst IMS Investment Management Services Ltd. now owns 32,710 shares of the financial services provider’s stock valued at $1,438,000 after buying an additional 4,158 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several research analyst reports. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Evercore ISI reduced their price target on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company increased their price target on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.64.

Bank of America Trading Up 3.3 %

Shares of NYSE BAC opened at $40.97 on Friday. The company has a market cap of $311.45 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $45.19 and a 200-day simple moving average of $43.71.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm posted $0.70 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio is 32.30%.

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.