Shapiro Capital Management LLC Has $142.77 Million Stock Position in Bank of America Co. (NYSE:BAC)

Shapiro Capital Management LLC reduced its holdings in Bank of America Co. (NYSE:BAC) by 18.5% in the 4th quarter, HoldingsChannel reports. The fund owned 3,208,993 shares of the financial services provider’s stock after selling 730,238 shares during the period. Bank of America comprises approximately 2.6% of Shapiro Capital Management LLC’s holdings, making the stock its 16th biggest position. Shapiro Capital Management LLC’s holdings in Bank of America were worth $142,768,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cassady Schiller Wealth Management LLC bought a new position in Bank of America during the fourth quarter worth $39,000. Crewe Advisors LLC raised its holdings in shares of Bank of America by 198.0% in the fourth quarter. Crewe Advisors LLC now owns 894 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 594 shares during the last quarter. Country Trust Bank raised its holdings in shares of Bank of America by 51.4% in the fourth quarter. Country Trust Bank now owns 945 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 321 shares during the last quarter. Horan Securities Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at about $42,000. Finally, Level Financial Advisors Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at about $50,000. Hedge funds and other institutional investors own 70.46% of the company’s stock.

Shares of BAC stock traded up $1.32 on Tuesday, hitting $36.13. The stock had a trading volume of 1,700,462 shares, compared to its average volume of 52,148,696. 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 business has a 50 day moving average price of $39.49 and a 200 day moving average price of $43.62. The company has a market cap of $291.10 billion, a PE ratio of 10.26, a P/E/G ratio of 1.53 and a beta of 1.39. Bank of America Co. has a one year low of $34.26 and a one year high of $50.11.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings data on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.01. Bank of America had a return on equity of 12.55% and a net margin of 32.84%. The firm had revenue of $23.20 billion during the quarter, compared to the consensus estimate of $23.09 billion. During the same period in the previous year, the company posted $0.86 earnings per share. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. Equities research analysts expect that Bank of America Co. will post 3.28 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Friday, June 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, June 2nd. This represents a $0.84 annualized dividend and a yield of 2.32%. Bank of America’s dividend payout ratio (DPR) is presently 24.00%.

Several research firms have recently weighed in on BAC. The Goldman Sachs Group reduced their target price on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, April 20th. StockNews.com assumed coverage on shares of Bank of America in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Oppenheimer dropped their target price on shares of Bank of America from $52.00 to $50.00 in a research report on Tuesday, May 3rd. BMO Capital Markets dropped their target price on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a research report on Tuesday, April 19th. Finally, Morgan Stanley raised shares of Bank of America from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $51.00 to $49.00 in a research note on Monday, March 28th. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Buy” and an average target price of $50.41.

Bank of America 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.

Further Reading

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

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