Millennium Management LLC Boosts Position in Bank of America Corp (BAC)

Millennium Management LLC boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 92.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 7,969,307 shares of the financial services provider’s stock after buying an additional 3,827,667 shares during the period. Millennium Management LLC’s holdings in Bank of America were worth $196,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. CRA Financial Services LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $1,320,000. PGGM Investments purchased a new stake in shares of Bank of America during the fourth quarter worth about $128,471,000. Fosun International Ltd increased its stake in shares of Bank of America by 333.9% during the fourth quarter. Fosun International Ltd now owns 40,783 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 31,383 shares in the last quarter. Sunesis Advisors LLC purchased a new stake in shares of Bank of America during the fourth quarter worth about $268,000. Finally, First Citizens Bank & Trust Co. increased its stake in shares of Bank of America by 1.0% during the fourth quarter. First Citizens Bank & Trust Co. now owns 311,732 shares of the financial services provider’s stock worth $7,681,000 after purchasing an additional 2,994 shares in the last quarter. Institutional investors own 65.24% of the company’s stock.

In related news, insider Dean C. Athanasia sold 129,615 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

A number of analysts have recently commented on the stock. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 17th. Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Jefferies Financial Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price for the company. in a research note on Wednesday, April 17th. Finally, HSBC assumed coverage on shares of Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 target price for the company. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Bank of America currently has an average rating of “Hold” and a consensus price target of $33.18.

Shares of NYSE BAC opened at $30.02 on Thursday. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $31.91. The stock has a market cap of $308.03 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 1.32 and a beta of 1.47. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The company had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. During the same quarter in the prior year, the company earned $0.62 EPS. Bank of America’s revenue was down .4% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Corp will post 2.86 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, February 28th. This represents a $0.60 annualized dividend and a yield of 2.00%. Bank of America’s dividend payout ratio is presently 22.99%.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Read More: Hedge Funds – How They Work For Investors

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

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