Keebeck Alpha LP Raises Stock Position in Bank of America Co. (NYSE:BAC)

Keebeck Alpha LP lifted its position in Bank of America Co. (NYSE:BAC) by 5.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,391 shares of the financial services provider’s stock after acquiring an additional 1,062 shares during the quarter. Keebeck Alpha LP’s holdings in Bank of America were worth $923,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Bank of America in the 4th quarter worth about $3,938,246,000. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Bank of America by 2.4% during the 1st 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 buying an additional 501,064 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Bank of America by 16.1% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 16,104,424 shares of the financial services provider’s stock valued at $717,144,000 after buying an additional 2,232,964 shares in the last quarter. Himalaya Capital Management LLC lifted its holdings in Bank of America by 18.0% during the 4th quarter. Himalaya Capital Management LLC now owns 14,586,987 shares of the financial services provider’s stock valued at $648,975,000 after buying an additional 2,228,000 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Bank of America by 6.1% during the 1st quarter. Principal Financial Group Inc. now owns 12,264,692 shares of the financial services provider’s stock valued at $505,551,000 after buying an additional 701,308 shares in the last quarter. Institutional investors own 70.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Morgan Stanley decreased their price objective on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, July 12th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective for the company in a report on Monday, July 11th. Royal Bank of Canada decreased their price objective on shares of Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Jefferies Financial Group reduced their price target on shares of Bank of America from $43.00 to $33.00 in a report on Monday, July 11th. Finally, Barclays reduced their price target on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $46.66.

Bank of America Stock Performance

BAC opened at $36.64 on Wednesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a fifty day moving average price of $32.92 and a 200 day moving average price of $37.94. Bank of America Co. has a 1 year low of $29.67 and a 1 year high of $50.11. The stock has a market cap of $294.41 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.62 and a beta of 1.39.

Bank of America (NYSE:BACGet Rating) last posted its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.02). The company had revenue of $22.69 billion for the quarter, compared to analyst estimates of $22.79 billion. Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.03 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 2nd will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, September 1st. This is a boost from Bank of America’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio is currently 26.25%.

About Bank of America

(Get Rating)

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.

Featured Stories

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 Co. (NYSE:BACGet Rating).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.