Cardano Risk Management B.V. Increases Stock Position in Bank of America Corporation $BAC

Cardano Risk Management B.V. boosted its holdings in Bank of America Corporation (NYSE:BAC) by 3.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,473,714 shares of the financial services provider’s stock after buying an additional 77,862 shares during the period. Bank of America makes up 1.4% of Cardano Risk Management B.V.’s investment portfolio, making the stock its 19th biggest holding. Cardano Risk Management B.V.’s holdings in Bank of America were worth $127,618,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Geode Capital Management LLC raised its stake in shares of Bank of America by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock valued at $6,982,863,000 after purchasing an additional 403,652 shares during the period. Norges Bank bought a new position in shares of Bank of America in the second quarter valued at approximately $5,091,641,000. Fisher Asset Management LLC grew its stake in Bank of America by 5.2% during the second quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock valued at $2,432,516,000 after acquiring an additional 2,557,943 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Bank of America by 124.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock worth $833,771,000 after acquiring an additional 9,782,208 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Bank of America by 5.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 17,438,466 shares of the financial services provider’s stock worth $899,650,000 after purchasing an additional 875,514 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Argus boosted their price target on shares of Bank of America from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Wells Fargo & Company boosted their target price on Bank of America from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. The Goldman Sachs Group raised their price target on Bank of America from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, January 26th. Morgan Stanley dropped their price target on Bank of America from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $64.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, January 15th. Twenty-two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.30.

Bank of America Stock Performance

Shares of NYSE BAC opened at $52.53 on Tuesday. The stock’s 50-day moving average is $54.40 and its 200 day moving average is $52.11. The stock has a market cap of $383.59 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.29. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $57.55. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share. On average, sell-side analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, March 6th. Bank of America’s dividend payout ratio is presently 29.24%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.