Gulf International Bank UK Ltd reduced its stake in Bank of America Co. (NYSE:BAC – Free Report) by 8.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 602,736 shares of the financial services provider’s stock after selling 56,452 shares during the period. Bank of America makes up about 0.6% of Gulf International Bank UK Ltd’s holdings, making the stock its 28th largest holding. Gulf International Bank UK Ltd’s holdings in Bank of America were worth $20,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently made changes to their positions in BAC. Fortis Group Advisors LLC purchased a new stake in Bank of America during the third quarter valued at about $25,000. Glass Jacobson Investment Advisors llc increased its holdings in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the period. Castleview Partners LLC purchased a new position in shares of Bank of America in the first quarter worth about $28,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Bank of America in the first quarter worth about $34,000. Finally, Live Oak Investment Partners purchased a new position in shares of Bank of America in the fourth quarter worth about $39,000. 68.06% of the stock is owned by institutional investors.
Bank of America Stock Up 0.1 %
BAC stock traded up $0.05 during midday trading on Tuesday, hitting $36.06. The company’s stock had a trading volume of 46,109,092 shares, compared to its average volume of 41,736,449. The company has a market cap of $284.50 billion, a PE ratio of 11.74, a P/E/G ratio of 1.60 and a beta of 1.38. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm’s 50-day moving average is $33.93 and its 200-day moving average is $30.96. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $36.44.
Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $22 billion during the quarter, compared to analyst estimates 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 period in the previous year, the business earned $0.85 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.15 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.66%. Bank of America’s dividend payout ratio is presently 31.27%.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the company. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. The Goldman Sachs Group boosted their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. BMO Capital Markets cut their price objective on 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. Barclays lifted their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Oppenheimer dropped their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.28.
Check Out Our Latest Research Report on Bank of America
Insider Buying and Selling at Bank of America
In related news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the firm’s stock in a transaction on Wednesday, December 27th. The stock was acquired at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the purchase, the insider now owns 5,398 shares in the company, valued at $57,002.88. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.27% of the company’s stock.
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.
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