PointState Capital LP Has $188.03 Million Stock Position in Bank of America Co. (NYSE:BAC)

PointState Capital LP boosted its stake in Bank of America Co. (NYSE:BAC) by 74.3% during the 4th quarter, HoldingsChannel reports. The fund owned 4,278,353 shares of the financial services provider’s stock after acquiring an additional 1,824,120 shares during the quarter. Bank of America comprises 3.4% of PointState Capital LP’s investment portfolio, making the stock its 12th largest position. PointState Capital LP’s holdings in Bank of America were worth $188,034,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Norges Bank bought a new stake in Bank of America in the 4th quarter valued at $5,226,989,000. Capital World Investors lifted its position in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $44.82 on Thursday. The company’s 50 day moving average price is $39.84 and its two-hundred day moving average price is $43.52. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market cap of $337.58 billion, a PE ratio of 13.92, a PEG ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, Citigroup cut their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.25.

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.