KG&L Capital Management LLC boosted its stake in Bank of America Co. (NYSE:BAC) by 17.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,407 shares of the financial services provider’s stock after purchasing an additional 9,885 shares during the quarter. Bank of America makes up 1.1% of KG&L Capital Management LLC’s investment portfolio, making the stock its 22nd largest position. KG&L Capital Management LLC’s holdings in Bank of America were worth $2,696,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also added to or reduced their stakes in BAC. Norges Bank purchased a new stake in shares of Bank of America in the 4th quarter valued at about $3,938,246,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Bank of America by 16.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 16,104,424 shares of the financial services provider’s stock valued at $717,144,000 after acquiring an additional 2,232,964 shares in the last quarter. Himalaya Capital Management LLC raised its holdings in shares of Bank of America by 18.0% in the 4th quarter. Himalaya Capital Management LLC now owns 14,586,987 shares of the financial services provider’s stock valued at $648,975,000 after acquiring an additional 2,228,000 shares in the last quarter. Ensign Peak Advisors Inc raised its holdings in shares of Bank of America by 9.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 11,123,987 shares of the financial services provider’s stock valued at $494,906,000 after acquiring an additional 994,774 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Bank of America by 7.1% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 8,574,823 shares of the financial services provider’s stock valued at $381,494,000 after acquiring an additional 569,501 shares in the last quarter. Institutional investors own 70.46% of the company’s stock.
Analyst Ratings Changes
Several analysts have weighed in on the company. Royal Bank of Canada lowered their price target on Bank of America from $45.00 to $40.00 in a report on Tuesday. BMO Capital Markets decreased their price objective on Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a report on Tuesday, April 19th. Jefferies Financial Group decreased their price objective on Bank of America from $43.00 to $33.00 in a report on Monday, July 11th. Barclays decreased their price objective on Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, StockNews.com assumed coverage on Bank of America in a report on Thursday, March 31st. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.66.
Bank of America Trading Up 3.4 %
Bank of America (NYSE:BAC – Get Rating) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). The company had revenue of $22.69 billion for the quarter, compared to analysts’ expectations of $22.79 billion. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 EPS. Research analysts forecast that Bank of America Co. will post 3.29 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Friday, June 3rd were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, June 2nd. Bank of America’s payout ratio is 24.00%.
Bank of America Company 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
- Get a free copy of the StockNews.com research report on Bank of America (BAC)
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