Townsquare Capital LLC Buys 15,270 Shares of Bank of America Co. (NYSE:BAC)

Townsquare Capital LLC raised its stake in Bank of America Co. (NYSE:BAC) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 431,105 shares of the financial services provider’s stock after buying an additional 15,270 shares during the period. Townsquare Capital LLC’s holdings in Bank of America were worth $18,947,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter valued at $5,226,989,000. Amundi lifted its holdings in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the period. Swedbank AB boosted its position in Bank of America by 81.4% during the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after acquiring an additional 5,733,810 shares during the last quarter. KBC Group NV grew its holdings in Bank of America by 130.9% during the 4th quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock worth $425,976,000 after acquiring an additional 5,493,817 shares during the period. Finally, APG Asset Management N.V. raised its position in shares of Bank of America by 381.9% in the 4th quarter. APG Asset Management N.V. now owns 6,758,370 shares of the financial services provider’s stock worth $286,847,000 after acquiring an additional 5,355,962 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC opened at $35.93 on Friday. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $273.20 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.21 and a beta of 1.24. The firm’s fifty day moving average price is $42.25 and its two-hundred day moving average price is $43.69.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.31.

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.