Bank of America Co. (NYSE:BAC) Shares Bought by Cinctive Capital Management LP

Cinctive Capital Management LP grew its stake in Bank of America Co. (NYSE:BAC) by 45.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 498,544 shares of the financial services provider’s stock after purchasing an additional 156,333 shares during the quarter. Bank of America makes up approximately 1.1% of Cinctive Capital Management LP’s holdings, making the stock its 14th biggest holding. Cinctive Capital Management LP’s holdings in Bank of America were worth $21,911,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares during the period. Edgestream Partners L.P. boosted its stake in Bank of America by 221.3% in the third quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider’s stock valued at $823,000 after acquiring an additional 14,281 shares during the period. Benjamin Edwards Inc. raised its position in shares of Bank of America by 3,007.7% during the 3rd quarter. Benjamin Edwards Inc. now owns 108,148 shares of the financial services provider’s stock worth $4,291,000 after purchasing an additional 104,668 shares during the period. Beacon Investment Advisory Services Inc. grew its stake in Bank of America by 1.1% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 20,863 shares of the financial services provider’s stock worth $828,000 after buying an additional 231 shares during the last quarter. Finally, Hilltop Holdings Inc. boosted its holdings in shares of Bank of America by 41.8% during the third quarter. Hilltop Holdings Inc. now owns 49,813 shares of the financial services provider’s stock valued at $1,977,000 after acquiring an additional 14,674 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.6 %

Shares of Bank of America stock opened at $41.49 on Wednesday. Bank of America Co. has a 12-month low of $34.15 and a 12-month high of $48.08. The stock has a market capitalization of $315.42 billion, a P/E ratio of 12.88, a PEG ratio of 1.21 and a beta of 1.32. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average price of $44.25 and a two-hundred day moving average price of $43.97.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same period last year, the business posted $0.70 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BAC. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Evercore ISI lowered their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday. Oppenheimer increased their price target on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.31.

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.