LMR Partners LLP Takes $5.50 Million Position in Bank of America Corp (NYSE:BAC)

LMR Partners LLP bought a new position in Bank of America Corp (NYSE:BAC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 156,194 shares of the financial services provider’s stock, valued at approximately $5,501,000.

Other institutional investors have also recently modified their holdings of the company. TFO TDC LLC purchased a new position in Bank of America during the 4th quarter valued at about $26,000. Sage Financial Group Inc. bought a new stake in Bank of America during the 4th quarter worth approximately $38,000. Corbenic Partners LLC bought a new stake in Bank of America during the 4th quarter worth approximately $39,000. Carolina Wealth Advisors LLC acquired a new stake in Bank of America during the 4th quarter valued at $43,000. Finally, Advisors Preferred LLC acquired a new stake in Bank of America during the 4th quarter valued at $45,000. Hedge funds and other institutional investors own 71.53% of the company’s stock.

A number of research analysts have recently commented on the stock. UBS Group cut shares of Bank of America from a “buy” rating to a “neutral” rating and increased their target price for the stock from $34.00 to $36.00 in a report on Monday, January 6th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a report on Tuesday, March 17th. Credit Suisse Group increased their target price on shares of Bank of America from $38.00 to $39.00 and gave the stock an “outperform” rating in a report on Thursday, January 16th. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, March 11th. Finally, DA Davidson assumed coverage on shares of Bank of America in a report on Wednesday, January 8th. They issued a “neutral” rating and a $36.00 target price for the company. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $34.16.

Shares of Bank of America stock traded up $0.91 on Wednesday, hitting $21.94. The stock had a trading volume of 87,962,169 shares, compared to its average volume of 130,626,416. The stock has a 50 day moving average of $28.93 and a 200 day moving average of $31.44. Bank of America Corp has a twelve month low of $17.95 and a twelve month high of $35.72. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $185.36 billion, a P/E ratio of 8.01, a PEG ratio of 0.88 and a beta of 1.63.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.05. Bank of America had a return on equity of 11.95% and a net margin of 24.15%. The company had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $22.30 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The firm’s revenue was down 1.8% compared to the same quarter last year. Equities analysts expect that Bank of America Corp will post 2.92 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Thursday, March 5th. Bank of America’s dividend payout ratio is presently 24.49%.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Recommended Story: How Do You Calculate Return on Investment (ROI)?

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.