Jag Capital Management LLC Has $388,000 Stake in Bank of America Co. (NYSE:BAC)

Jag Capital Management LLC increased its position in Bank of America Co. (NYSE:BAC) by 8.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 8,830 shares of the financial services provider’s stock after purchasing an additional 653 shares during the period. Jag Capital Management LLC’s holdings in Bank of America were worth $388,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB boosted its stake in shares of Bank of America by 0.7% during the 3rd quarter. Swedbank AB now owns 7,042,374 shares of the financial services provider’s stock valued at $279,441,000 after buying an additional 50,849 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Bank of America by 1.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 146,204 shares of the financial services provider’s stock valued at $5,801,000 after buying an additional 1,866 shares during the period. Confluence Wealth Services Inc. boosted its stake in shares of Bank of America by 4.8% during the 3rd quarter. Confluence Wealth Services Inc. now owns 20,999 shares of the financial services provider’s stock valued at $833,000 after buying an additional 959 shares during the period. Van ECK Associates Corp boosted its stake in shares of Bank of America by 120.2% during the 3rd quarter. Van ECK Associates Corp now owns 19,231 shares of the financial services provider’s stock valued at $814,000 after buying an additional 10,497 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Bank of America by 24.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 9,397,955 shares of the financial services provider’s stock valued at $372,911,000 after buying an additional 1,816,804 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $45.51 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company’s fifty day moving average is $45.81 and its two-hundred day moving average is $43.67. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The firm has a market capitalization of $346.09 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 1.21 and a beta of 1.33.

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. Bank of America’s dividend payout ratio (DPR) is currently 32.30%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of recent research reports. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and raised their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Oppenheimer raised their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America 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.