Algebris UK Ltd Buys Shares of 209,681 Bank of America Co. (NYSE:BAC)

Algebris UK Ltd purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 209,681 shares of the financial services provider’s stock, valued at approximately $8,900,000. Bank of America makes up approximately 2.3% of Algebris UK Ltd’s portfolio, making the stock its 18th biggest position.

Other large investors also recently made changes to their positions in the company. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 4th quarter worth about $29,000. Highline Wealth Partners LLC boosted its stake in shares of Bank of America by 152.7% during the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 510 shares in the last quarter. Mascoma Wealth Management LLC lifted its position in shares of Bank of America by 68.2% during the 4th quarter. Mascoma Wealth Management LLC now owns 890 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 361 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $42,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.4 %

NYSE BAC opened at $41.61 on Wednesday. The firm has a market cap of $316.37 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The stock’s 50 day simple moving average is $45.02 and its 200 day simple moving average is $43.78. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.70 EPS. As a group, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.64.

Bank of America 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.