Opinicus Capital Inc. Invests $700,000 in Bank of America Co. (NYSE:BAC)

Opinicus Capital Inc. bought a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 20,784 shares of the financial services provider’s stock, valued at approximately $700,000.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC raised its holdings in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd raised its holdings in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP acquired a new position in Bank of America in the 3rd quarter valued at $177,970,000. Canada Pension Plan Investment Board raised its holdings in Bank of America by 143.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock valued at $291,852,000 after acquiring an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at $168,610,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Trading Down 0.2 %

Shares of NYSE BAC traded down $0.08 during trading on Friday, reaching $37.83. The company had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The company’s fifty day moving average price is $36.13 and its 200-day moving average price is $32.72. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The stock has a market cap of $298.50 billion, a P/E ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the company posted $0.94 EPS. The business’s revenue was down 1.7% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. Bank of America’s payout ratio is 33.22%.

Wall Street Analyst Weigh In

BAC has been the subject of several analyst reports. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. UBS Group reissued a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. BMO Capital Markets boosted their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Finally, HSBC reissued a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $38.53.

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.