Caldwell Investment Management Ltd. Purchases New Stake in Bank of America Co. (NYSE:BAC)

Caldwell Investment Management Ltd. purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 350,000 shares of the financial services provider’s stock, valued at approximately $15,698,000. Bank of America accounts for 12.3% of Caldwell Investment Management Ltd.’s holdings, making the stock its biggest position.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Altshuler Shaham Ltd lifted its holdings in Bank of America by 800,016.5% during the third quarter. Altshuler Shaham Ltd now owns 7,729,125 shares of the financial services provider’s stock valued at $329,838,000 after purchasing an additional 7,728,159 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Bank of America during the fourth quarter valued at about $139,410,000. Alphinity Investment Management Pty Ltd lifted its holdings in Bank of America by 61.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 6,603,669 shares of the financial services provider’s stock valued at $293,797,000 after purchasing an additional 2,523,486 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in Bank of America by 28.2% during the third quarter. Neuberger Berman Group LLC now owns 9,537,518 shares of the financial services provider’s stock valued at $399,870,000 after purchasing an additional 2,100,656 shares during the last quarter. Finally, Sculptor Capital LP lifted its holdings in Bank of America by 23.2% during the third quarter. Sculptor Capital LP now owns 9,380,879 shares of the financial services provider’s stock valued at $398,218,000 after purchasing an additional 1,764,640 shares during the last quarter. Institutional investors own 70.46% of the company’s stock.

Shares of BAC stock traded up $1.29 during trading on Tuesday, hitting $36.10. The company had a trading volume of 1,596,486 shares, compared to its average volume of 52,148,696. Bank of America Co. has a 52 week low of $34.26 and a 52 week 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 1.16. The stock’s 50-day moving average is $39.49 and its two-hundred day moving average is $43.62. The stock has a market capitalization of $290.85 billion, a price-to-earnings ratio of 10.26, a price-to-earnings-growth ratio of 1.53 and a beta of 1.39.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.01. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The business had revenue of $23.20 billion for the quarter, compared to analysts’ expectations of $23.09 billion. During the same period last year, the business earned $0.86 earnings per share. The business’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.28 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Friday, June 3rd will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Thursday, June 2nd. Bank of America’s payout ratio is currently 24.00%.

Several research firms have commented on BAC. BMO Capital Markets dropped their price objective on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a report on Tuesday, April 19th. Oppenheimer lowered their price target on shares of Bank of America from $52.00 to $50.00 in a report on Tuesday, May 3rd. The Goldman Sachs Group lowered their price target on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $52.50 to $53.50 in a report on Thursday, February 3rd. Finally, Argus increased their price target on shares of Bank of America from $50.00 to $55.00 in a report on Thursday, January 20th. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $50.41.

Bank of America Company Profile (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.

Read More

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.