128,455 Shares in Bank of America Co. (NYSE:BAC) Bought by Patrick M Sweeney & Associates Inc.

Patrick M Sweeney & Associates Inc. acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 128,455 shares of the financial services provider’s stock, valued at approximately $4,325,000. Bank of America comprises about 4.0% of Patrick M Sweeney & Associates Inc.’s portfolio, making the stock its 5th biggest holding.

Several other institutional investors have also recently made changes to their positions in BAC. Barclays PLC increased its position 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 valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd increased its stake in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the last quarter. Darsana Capital Partners LP bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $177,970,000. Canada Pension Plan Investment Board increased its position in Bank of America by 143.5% in the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after buying an additional 6,281,690 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Bank of America in the third quarter valued at $168,610,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research reports. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Keefe, Bruyette & Woods raised their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Evercore ISI boosted their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Finally, JPMorgan Chase & Co. upped their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $38.70.

Bank of America Trading Down 0.3 %

Shares of Bank of America stock traded down $0.13 during midday trading on Wednesday, reaching $37.71. 32,633,895 shares of the company’s stock traded hands, compared to its average volume of 40,508,637. The company has a market cap of $294.91 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The stock has a 50 day moving average of $36.61 and a 200-day moving average of $33.31. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. As a group, equities analysts expect that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

About Bank of America

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