Ballentine Partners LLC Increases Position in Bank of America Co. (NYSE:BAC)

Ballentine Partners LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 40.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 124,599 shares of the financial services provider’s stock after buying an additional 36,053 shares during the period. Ballentine Partners LLC’s holdings in Bank of America were worth $4,195,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the third quarter worth about $25,000. Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter worth about $28,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. ZRC Wealth Management LLC increased its stake in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the period. Finally, Live Oak Investment Partners acquired a new position in shares of Bank of America during the fourth quarter worth about $39,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.4 %

Shares of BAC traded up $0.14 on Wednesday, hitting $37.44. 32,835,633 shares of the stock traded hands, compared to its average volume of 40,794,230. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $295.43 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.73 and a beta of 1.39. The stock’s 50 day moving average is $34.89 and its two-hundred day moving average is $31.57. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.85 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.1 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

Analyst Ratings Changes

Several brokerages have weighed in on BAC. HSBC restated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Oppenheimer lowered their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 19th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research report on Tuesday, January 16th. Finally, BMO Capital Markets lowered their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.15.

Check Out Our Latest Report on BAC

About Bank of America

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACFree Report).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.