State of Tennessee Treasury Department raised its position in shares of Bank of America Corp (NYSE:BAC) by 7.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,184,221 shares of the financial services provider’s stock after purchasing an additional 421,028 shares during the quarter. Bank of America accounts for approximately 0.8% of State of Tennessee Treasury Department’s holdings, making the stock its 18th biggest position. State of Tennessee Treasury Department owned about 0.06% of Bank of America worth $152,379,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in BAC. CRA Financial Services LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $1,320,000. PGGM Investments purchased a new position in shares of Bank of America in the fourth quarter worth about $128,471,000. Fosun International Ltd raised its stake in shares of Bank of America by 333.9% in the fourth quarter. Fosun International Ltd now owns 40,783 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 31,383 shares during the last quarter. Sunesis Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter worth about $268,000. Finally, First Citizens Bank & Trust Co. raised its stake in shares of Bank of America by 1.0% in the fourth quarter. First Citizens Bank & Trust Co. now owns 311,732 shares of the financial services provider’s stock worth $7,681,000 after purchasing an additional 2,994 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.
In other news, insider Dean C. Athanasia sold 129,615 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the transaction, the insider now owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by corporate insiders.
Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The firm had revenue of $23 billion for the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. Bank of America’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.62 EPS. Analysts predict that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Thursday, February 28th. Bank of America’s dividend payout ratio is currently 22.99%.
Several research analysts have recently issued reports on the company. Macquarie cut Bank of America from an “outperform” rating to a “neutral” rating in a research note on Monday, January 7th. They noted that the move was a valuation call. Jefferies Financial Group restated a “buy” rating on shares of Bank of America in a research note on Tuesday, January 8th. Oppenheimer raised their price objective on Bank of America from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 26th. Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Finally, UBS Group upgraded Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Tuesday, January 8th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $33.25.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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