Clark Capital Management Group Inc. lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 38.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,527,791 shares of the financial services provider’s stock after purchasing an additional 427,073 shares during the period. Bank of America accounts for about 0.7% of Clark Capital Management Group Inc.’s portfolio, making the stock its 27th biggest position. Clark Capital Management Group Inc.’s holdings in Bank of America were worth $62,976,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Bank of America by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock valued at $24,369,557,000 after purchasing an additional 5,015,041 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of America during the 4th quarter valued at about $3,938,246,000. Charles Schwab Investment Management Inc. raised its stake in Bank of America by 1.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock worth $1,522,699,000 after buying an additional 603,512 shares during the period. Dimensional Fund Advisors LP raised its stake in Bank of America by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 35,229,840 shares of the financial services provider’s stock worth $1,452,584,000 after buying an additional 773,812 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Bank of America by 2.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 21,206,787 shares of the financial services provider’s stock worth $874,144,000 after buying an additional 501,064 shares during the period. Institutional investors own 68.48% of the company’s stock.
Bank of America Trading Up 0.8 %
Shares of BAC stock opened at $34.94 on Friday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74. Bank of America Co. has a 52-week low of $29.67 and a 52-week high of $50.11. The company has a market capitalization of $280.75 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 1.50 and a beta of 1.37. The business’s fifty day moving average is $33.63 and its 200 day moving average is $36.39.
Bank of America Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be given a dividend of $0.22 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a yield of 2.52%. Bank of America’s dividend payout ratio (DPR) is presently 27.50%.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the company. Morgan Stanley dropped their price target on Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 12th. Societe Generale raised Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective for the company in a research note on Monday, July 11th. Credit Suisse Group lowered their price objective on Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, July 19th. Citigroup reduced their target price on Bank of America from $47.00 to $40.00 in a report on Tuesday, July 12th. Finally, Wells Fargo & Company reduced their target price on Bank of America from $66.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average price target of $46.66.
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.
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