Schroder Investment Management Group decreased its position in shares of Bank of America Co. (NYSE:BAC) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,638,862 shares of the financial services provider’s stock after selling 336,459 shares during the period. Schroder Investment Management Group’s holdings in Bank of America were worth $110,295,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. FMR LLC boosted its position in Bank of America by 9.2% in the fourth quarter. FMR LLC now owns 196,924,593 shares of the financial services provider’s stock valued at $5,968,784,000 after buying an additional 16,517,775 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $460,341,000. Steadfast Capital Management LP acquired a new stake in Bank of America in the fourth quarter valued at approximately $194,013,000. Cibc World Markets Corp boosted its position in Bank of America by 233.1% in the fourth quarter. Cibc World Markets Corp now owns 9,054,909 shares of the financial services provider’s stock valued at $274,454,000 after buying an additional 6,336,489 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its position in Bank of America by 23.9% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 29,832,458 shares of the financial services provider’s stock valued at $904,223,000 after buying an additional 5,747,581 shares in the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.
BAC has been the topic of a number of research analyst reports. Royal Bank of Canada raised their target price on shares of Bank of America from $28.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, January 20th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and raised their price target for the company from $27.00 to $36.00 in a research note on Tuesday, January 5th. Smith Barney Citigroup raised shares of Bank of America from a “neutral” rating to a “buy” rating in a research note on Monday, January 11th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of America from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, April 1st. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $31.00 to $37.00 in a research note on Monday, January 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $34.55.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $20.10 billion during the quarter, compared to analysts’ expectations of $20.76 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The business’s quarterly revenue was down 9.9% on a year-over-year basis. During the same period last year, the company posted $0.74 earnings per share. Equities analysts predict that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Friday, March 5th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date was Thursday, March 4th. Bank of America’s payout ratio is 24.49%.
Bank of America declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 19th that allows the company to buyback $2.90 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
Further Reading: How to calculate the intrinsic value of a stock
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