BI Asset Management Fondsmaeglerselskab A S Buys New Holdings in Bank of America Co. (NYSE:BAC)

BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 524,027 shares of the financial services provider’s stock, valued at approximately $23,031,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Norges Bank bought a new position in Bank of America during the fourth quarter worth $5,226,989,000. Capital World Investors grew its stake in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Amundi lifted its position in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in shares of Bank of America by 71,357.5% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 8,632,780 shares of the financial services provider’s stock valued at $379,411,000 after purchasing an additional 8,620,699 shares during the last quarter. Finally, Capital Research Global Investors lifted its holdings in Bank of America by 1,600.2% during the 4th quarter. Capital Research Global Investors now owns 7,590,335 shares of the financial services provider’s stock worth $333,595,000 after purchasing an additional 7,143,906 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Evercore ISI cut their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. JPMorgan Chase & Co. lowered their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $47.20.

Bank of America Trading Up 0.3 %

Shares of BAC stock opened at $37.44 on Friday. 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 firm has a market capitalization of $284.65 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.21 and a beta of 1.24. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The stock’s fifty day simple moving average is $41.27 and its 200 day simple moving average is $43.59.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.