Bank of America Co. (NYSE:BAC) Shares Sold by Cape Investment Advisory Inc.

by · The Markets Daily

Cape Investment Advisory Inc. decreased its stake in shares of Bank of America Co. (NYSE:BAC) by 10.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,043 shares of the financial services provider’s stock after selling 1,496 shares during the period. Cape Investment Advisory Inc.’s holdings in Bank of America were worth $439,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Norges Bank bought a new position in shares of Bank of America during the fourth quarter valued at approximately $3,734,407,000. Northern Trust Corp increased its position in Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after buying an additional 1,397,469 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after buying an additional 1,315,056 shares during the last quarter. Barclays PLC boosted its holdings in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Finally, Fisher Asset Management LLC grew its position in shares of Bank of America by 17.1% during the fourth quarter. Fisher Asset Management LLC now owns 37,649,708 shares of the financial services provider’s stock worth $1,267,666,000 after acquiring an additional 5,484,219 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.4 %

NYSE:BAC traded up $0.53 during trading hours on Friday, hitting $39.70. 22,166,306 shares of the stock traded hands, compared to its average volume of 30,858,416. The firm has a 50 day moving average price of $37.54 and a 200 day moving average price of $34.39. The firm has a market cap of $310.47 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 1.76 and a beta of 1.37. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $39.84. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Co. will post 3.23 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BAC shares. Evercore ISI lifted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Oppenheimer increased their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, HSBC restated a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $38.70.

Read Our Latest Analysis on Bank of America

Bank of America Company Profile

(Free Report)

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.

Further Reading

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