Silver Oak Securities Incorporated Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Silver Oak Securities Incorporated increased its stake in shares of Bank of America Co. (NYSE:BAC) by 12.4% in the 4th quarter, Holdings Channel reports. The firm owned 7,486 shares of the financial services provider’s stock after buying an additional 826 shares during the period. Silver Oak Securities Incorporated’s holdings in Bank of America were worth $252,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday. HSBC reiterated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Jefferies Financial Group upped their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $38.70.

Bank of America Price Performance

Bank of America stock opened at $36.95 on Thursday. The company has a market cap of $291.56 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.66 and a beta of 1.37. The firm’s fifty day moving average is $36.33 and its 200 day moving average is $32.98. 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 52-week low of $24.96 and a 52-week high of $38.49.

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

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend 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.