Bryn Mawr Capital Management LLC Acquires 7,920 Shares of Bank of America Co. (NYSE:BAC)

Bryn Mawr Capital Management LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 18.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 52,018 shares of the financial services provider’s stock after buying an additional 7,920 shares during the period. Bryn Mawr Capital Management LLC’s holdings in Bank of America were worth $1,751,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Barclays PLC raised its stake in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after purchasing an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd raised its stake in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the period. Darsana Capital Partners LP bought a new stake in shares of Bank of America during the 3rd quarter worth $177,970,000. Canada Pension Plan Investment Board raised its stake in shares of Bank of America by 143.5% during the 3rd quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after purchasing an additional 6,281,690 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $168,610,000. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BAC. HSBC reiterated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Citigroup lifted their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Barclays lifted their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Trading Down 0.2 %

Shares of BAC traded down $0.09 during mid-day trading on Friday, hitting $37.82. 28,659,995 shares of the company’s stock traded hands, compared to its average volume of 41,444,340. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The firm has a market capitalization of $298.42 billion, a P/E ratio of 13.09, a PEG ratio of 1.72 and a beta of 1.39. The business’s 50-day moving average price is $36.13 and its 200-day moving average price is $32.72.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s payout ratio is currently 33.22%.

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.