Capital Performance Advisors LLP Purchases New Holdings in Bank of America Co. (NYSE:BAC)

Capital Performance Advisors LLP acquired a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 8,144 shares of the financial services provider’s stock, valued at approximately $274,000.

Several other large investors also recently bought and sold shares of BAC. Barclays PLC grew its holdings in shares of Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd grew its stake in shares of 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 buying an additional 12,880,492 shares during the period. Darsana Capital Partners LP acquired a new stake in shares of Bank of America during 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 third 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 during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in Bank of America in the third quarter worth approximately $168,610,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Up 1.2 %

Shares of BAC stock traded up $0.44 on Monday, reaching $37.69. 28,403,702 shares of the stock were exchanged, compared to its average volume of 40,729,758. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $294.75 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.66 and a beta of 1.37. The business’s 50 day moving average price is $36.54 and its 200 day moving average price is $33.23.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 EPS. As a group, sell-side analysts expect that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. Oppenheimer boosted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research report on Tuesday, January 16th. Jefferies Financial Group boosted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. BMO Capital Markets raised their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Finally, Citigroup boosted 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $38.70.

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.