Steele Capital Management Inc. Takes $727,000 Position in Bank of America Co. (NYSE:BAC)

Steele Capital Management Inc. purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 21,578 shares of the financial services provider’s stock, valued at approximately $727,000.

Other institutional investors have also made changes to their positions in the company. Barclays PLC lifted 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 worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd lifted 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 worth $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP acquired a new stake in Bank of America in the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board lifted 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 worth $291,852,000 after purchasing an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Bank of America in the 3rd quarter worth approximately $168,610,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Bank of America stock traded down $0.27 on Monday, reaching $37.56. The company’s stock had a trading volume of 26,545,185 shares, compared to its average volume of 41,263,035. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $296.37 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.69 and a beta of 1.39. The business’s fifty day moving average price is $36.13 and its 200 day moving average price is $32.80. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be 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 is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BAC. Oppenheimer dropped their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Jefferies Financial Group lifted their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Finally, UBS Group restated a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $38.53.

About Bank of America

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.