Blume Capital Management Inc. Has $9.13 Million Holdings in Bank of America Co. (NYSE:BAC)

Blume Capital Management Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.1% in the fourth quarter, HoldingsChannel reports. The firm owned 271,147 shares of the financial services provider’s stock after acquiring an additional 13,080 shares during the period. Bank of America makes up 2.4% of Blume Capital Management Inc.’s portfolio, making the stock its 12th biggest position. Blume Capital Management Inc.’s holdings in Bank of America were worth $9,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp boosted its position in shares of Bank of America by 2.1% in the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after purchasing an additional 1,315,056 shares in the last quarter. Barclays PLC lifted its holdings in shares of Bank of America by 97.3% in the third 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 in the last quarter. Fisher Asset Management LLC increased its position in shares of Bank of America by 17.1% in the fourth quarter. Fisher Asset Management LLC now owns 37,649,708 shares of the financial services provider’s stock valued at $1,267,666,000 after acquiring an additional 5,484,219 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Bank of America by 5.9% in the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock valued at $758,871,000 after acquiring an additional 1,250,096 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on BAC shares. Evercore ISI boosted their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods increased 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. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s 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 Stock Performance

Bank of America stock traded up $0.29 during mid-day trading on Thursday, reaching $38.00. The company’s stock had a trading volume of 5,525,601 shares, compared to its average volume of 40,114,066. The firm’s fifty day moving average price is $36.61 and its two-hundred day moving average price is $33.31. 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 Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a market capitalization of $297.17 billion, a P/E ratio of 13.04, a PEG ratio of 1.66 and a beta of 1.37.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s dividend payout ratio is presently 33.22%.

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