Bank of America Co. (NYSE:BAC) Position Increased by Five Oceans Advisors

Five Oceans Advisors increased its stake in Bank of America Co. (NYSE:BAC) by 10.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,625 shares of the financial services provider’s stock after purchasing an additional 708 shares during the period. Five Oceans Advisors’ holdings in Bank of America were worth $237,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BAC. Vanguard Group Inc. raised its stake in 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 acquiring an additional 5,015,041 shares in the last quarter. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter worth about $3,938,246,000. Charles Schwab Investment Management Inc. lifted its position in shares of 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 purchasing an additional 603,512 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 purchasing an additional 773,812 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Bank of America by 2.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 21,206,787 shares of the financial services provider’s stock valued at $874,144,000 after acquiring an additional 501,064 shares during the period. Institutional investors own 68.48% of the company’s stock.

Bank of America Trading Down 2.8 %

NYSE:BAC traded down $0.90 during trading hours on Friday, hitting $31.60. 364,799 shares of the stock were exchanged, compared to its average volume of 38,124,100. The company’s 50 day moving average is $34.13 and its two-hundred day moving average is $35.84. Bank of America Co. has a twelve month low of $29.67 and a twelve month high of $50.11. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $253.91 billion, a P/E ratio of 10.16, a price-to-earnings-growth ratio of 1.48 and a beta of 1.37.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). The company had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.03 EPS. On average, sell-side analysts anticipate that Bank of America Co. will post 3.2 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be paid a $0.22 dividend. The ex-dividend date is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.78%. This is an increase from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s dividend payout ratio is 27.50%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BAC. Societe Generale upgraded Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a research note on Monday, July 11th. Citigroup lowered their price target on Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. Barclays lowered their price target on Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 19th. Morgan Stanley lowered 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. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.58.

Bank of America Company Profile

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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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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