Taurus Asset Management LLC cut its stake in Bank of America Co. (NYSE:BAC) by 0.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 736,092 shares of the financial services provider’s stock after selling 1,025 shares during the period. Bank of America makes up about 2.4% of Taurus Asset Management LLC’s portfolio, making the stock its 13th biggest holding. Taurus Asset Management LLC’s holdings in Bank of America were worth $20,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently modified their holdings of the company. Moneta Group Investment Advisors LLC boosted its position in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after acquiring an additional 192,989,515 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Bank of America by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 127,236,515 shares of the financial services provider’s stock valued at $3,640,452,000 after purchasing an additional 1,768,938 shares in the last quarter. Norges Bank bought a new position in shares of Bank of America in the 4th quarter valued at $3,436,543,000. Barclays PLC raised its holdings in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after buying an additional 746,756 shares during the last quarter. 68.06% of the stock is owned by institutional investors and hedge funds.
Bank of America Price Performance
Bank of America stock opened at $33.10 on Monday. The firm has a market cap of $261.94 billion, a P/E ratio of 10.77, a P/E/G ratio of 1.51 and a beta of 1.39. The stock’s 50 day moving average is $32.95 and its 200 day moving average is $30.10. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America Co. has a one year low of $24.96 and a one year high of $35.99.
Bank of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.90%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on BAC shares. Oppenheimer lifted their target price on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. The Goldman Sachs Group raised their target price on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. Finally, Barclays raised their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.53.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 17,769 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $9.94, for a total value of $176,623.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.27% of the stock is currently owned by company insiders.
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. 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.
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