Fullerton Fund Management Co Ltd. Acquires 731,358 Shares of Bank of America Corporation $BAC

Fullerton Fund Management Co Ltd. grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 3,325.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 753,349 shares of the financial services provider’s stock after purchasing an additional 731,358 shares during the period. Bank of America comprises approximately 1.4% of Fullerton Fund Management Co Ltd.’s holdings, making the stock its 25th largest holding. Fullerton Fund Management Co Ltd.’s holdings in Bank of America were worth $35,648,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Nova Wealth Management Inc. boosted its position in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC raised its stake in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $28,000. CGC Financial Services LLC grew its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares in the last quarter. Finally, Wealth Preservation Advisors LLC increased its holdings in Bank of America by 48.7% during the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after buying an additional 223 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $55.14 on Friday. The company has a market capitalization of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30. The stock’s 50 day moving average is $52.39 and its 200-day moving average is $49.45. 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 Corporation has a 12 month low of $33.06 and a 12 month high of $55.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. Equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio (DPR) is currently 30.52%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BAC. Barclays increased their price target on shares of Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Citigroup lifted their price target on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Morgan Stanley dropped their price objective on Bank of America from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday. Evercore ISI lifted their target price on Bank of America from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Finally, Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

About Bank of America

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.