Columbia Asset Management boosted its stake in shares of Bank of America Corp (NYSE:BAC) by 7.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 62,850 shares of the financial services provider’s stock after acquiring an additional 4,626 shares during the quarter. Columbia Asset Management’s holdings in Bank of America were worth $1,549,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Barometer Capital Management Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $365,000. Van Hulzen Asset Management LLC boosted its stake in Bank of America by 31.8% during the fourth quarter. Van Hulzen Asset Management LLC now owns 10,228 shares of the financial services provider’s stock worth $252,000 after buying an additional 2,465 shares during the last quarter. Annex Advisory Services LLC boosted its stake in Bank of America by 10.3% during the fourth quarter. Annex Advisory Services LLC now owns 72,647 shares of the financial services provider’s stock worth $1,790,000 after buying an additional 6,760 shares during the last quarter. Premier Fund Managers Ltd boosted its stake in Bank of America by 13.2% during the fourth quarter. Premier Fund Managers Ltd now owns 196,930 shares of the financial services provider’s stock worth $4,804,000 after buying an additional 22,932 shares during the last quarter. Finally, Bahl & Gaynor Inc. lifted its stake in shares of Bank of America by 60.4% in the 4th quarter. Bahl & Gaynor Inc. now owns 966,011 shares of the financial services provider’s stock valued at $23,803,000 after purchasing an additional 363,813 shares during the last quarter. Institutional investors own 65.24% of the company’s stock.
Bank of America stock opened at $30.35 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. The company has a market cap of $308.03 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 1.32 and a beta of 1.47. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.60 annualized dividend and a dividend yield of 1.98%. Bank of America’s dividend payout ratio is currently 22.99%.
Several brokerages have recently commented on BAC. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price on the stock in a research note on Tuesday, March 12th. HSBC initiated coverage on Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 target price on the stock. Jefferies Financial Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a report on Wednesday, April 17th. Finally, BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Wednesday, April 17th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Bank of America presently has an average rating of “Hold” and an average price target of $33.18.
In related news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.
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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