Los Angeles Capital Management LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Los Angeles Capital Management LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 10.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,334,286 shares of the financial services provider’s stock after purchasing an additional 124,810 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Bank of America were worth $50,596,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $3,734,407,000. Price T Rowe Associates Inc. MD raised its position in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the period. Northern Trust Corp raised its position in shares of Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after buying an additional 1,397,469 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 3.2% during the 4th 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 buying an additional 1,315,056 shares during the period. Finally, Parnassus Investments LLC raised its position in shares of Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after buying an additional 2,935,040 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BAC shares. HSBC reiterated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $39.79.

Bank of America Price Performance

Bank of America stock opened at $39.99 on Thursday. The stock has a market cap of $312.74 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The company has a fifty day simple moving average of $38.38 and a 200-day simple moving average of $35.66. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.19. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 EPS. Equities analysts expect that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

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.