AMI Investment Management Inc. Grows Position in Bank of America Co. (NYSE:BAC)

AMI Investment Management Inc. grew its position in Bank of America Co. (NYSE:BAC) by 3.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,103 shares of the financial services provider’s stock after buying an additional 3,577 shares during the quarter. Bank of America accounts for approximately 1.4% of AMI Investment Management Inc.’s holdings, making the stock its 25th biggest holding. AMI Investment Management Inc.’s holdings in Bank of America were worth $3,337,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Moneta Group Investment Advisors LLC increased its position in Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after purchasing an additional 192,989,515 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at about $3,436,543,000. Barclays PLC raised its holdings in shares of Bank of America by 97.3% during 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 buying an additional 20,362,295 shares during the period. Snider Financial Group raised its holdings in shares of Bank of America by 9,477.3% during the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after buying an additional 14,297,496 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Bank of America by 3,474.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after purchasing an additional 11,332,721 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $37.92 on Friday. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.00. The stock’s 50 day moving average is $34.47 and its 200-day moving average is $31.31. 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 company has a market capitalization of $299.21 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.74 and a beta of 1.38.

Bank of America (NYSE:BAC) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same period in the prior year, the company earned $0.85 earnings per share. The company’s quarterly revenue was down 10.2% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.11 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. Bank of America’s payout ratio is currently 31.27%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. HSBC reiterated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Odeon Capital Group lowered 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. BMO Capital Markets dropped their price target 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. Finally, Barclays upped their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.15.

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.