1,873 Shares in Bank of America Co. (NYSE:BAC) Acquired by Tennessee Valley Asset Management Partners

Tennessee Valley Asset Management Partners bought a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,873 shares of the financial services provider’s stock, valued at approximately $63,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Northern Trust Corp increased its position in Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares in the last quarter. Barclays PLC increased its position in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares in the last quarter. California Public Employees Retirement System increased its position in Bank of America by 28.3% during the 3rd quarter. California Public Employees Retirement System now owns 21,288,404 shares of the financial services provider’s stock worth $582,877,000 after purchasing an additional 4,692,683 shares in the last quarter. Finally, Pzena Investment Management LLC grew its position in Bank of America by 28.7% in the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after acquiring an additional 4,335,882 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $37.75 on Tuesday. The business’s fifty day moving average price is $35.77 and its 200 day moving average price is $32.48. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35. The stock has a market capitalization of $297.87 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. BMO Capital Markets increased their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday. Jefferies Financial Group increased their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, Oppenheimer lowered their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.53.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.