Harris Associates L P boosted its position in Bank of America Corp (NYSE:BAC) by 0.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 81,107,007 shares of the financial services provider’s stock after buying an additional 669,104 shares during the period. Bank of America makes up approximately 4.0% of Harris Associates L P’s investment portfolio, making the stock its 3rd largest holding. Harris Associates L P’s holdings in Bank of America were worth $1,998,477,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cranbrook Wealth Management LLC boosted its position in Bank of America by 86.1% in the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 500 shares in the last quarter. Karp Capital Management Corp purchased a new stake in Bank of America in the 4th quarter worth approximately $31,000. Semmax Financial Advisors Inc. purchased a new stake in Bank of America in the 4th quarter worth approximately $34,000. NewSquare Capital LLC boosted its position in Bank of America by 50.0% in the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 500 shares in the last quarter. Finally, Intercontinental Wealth Advisors LLC purchased a new stake in Bank of America in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.
In related news, insider Dean C. Athanasia sold 129,615 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the transaction, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by corporate insiders.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion during the quarter, compared to the consensus estimate of $23.24 billion. During the same period in the prior year, the company earned $0.62 EPS. The firm’s revenue was down .4% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corp will post 2.86 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.00%. The ex-dividend date was Thursday, February 28th. Bank of America’s dividend payout ratio is currently 22.99%.
BAC has been the topic of several recent research reports. UBS Group set a $33.00 price objective on Bank of America and gave the stock a “buy” rating in a research report on Saturday, February 2nd. HSBC started coverage on Bank of America in a research report on Thursday, April 4th. They issued a “hold” rating and a $29.00 price objective on the stock. Barclays reiterated a “hold” rating on shares of Bank of America in a research report on Thursday, January 17th. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Finally, BMO Capital Markets increased their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Wednesday. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company. Bank of America presently has a consensus rating of “Hold” and an average target price of $33.25.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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