MGO One Seven LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

MGO One Seven LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 110,319 shares of the financial services provider’s stock after purchasing an additional 4,148 shares during the period. MGO One Seven LLC’s holdings in Bank of America were worth $4,849,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Pinebridge Investments L.P. increased its holdings in shares of Bank of America by 32.1% in the fourth quarter. Pinebridge Investments L.P. now owns 3,291,138 shares of the financial services provider’s stock valued at $144,646,000 after purchasing an additional 799,427 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Quantessence Capital LLC acquired a new position in Bank of America in the 4th quarter worth about $2,567,000. Alta Advisers Ltd boosted its position in Bank of America by 21.2% during the fourth quarter. Alta Advisers Ltd now owns 22,056 shares of the financial services provider’s stock worth $969,000 after purchasing an additional 3,856 shares in the last quarter. Finally, Harvest Investment Services LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $204,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $38.81 on Thursday. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market cap of $295.06 billion, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The business has a fifty day moving average of $40.77 and a two-hundred day moving average of $43.56.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.68%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Royal Bank of Canada decreased their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Barclays reduced their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.43.

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.