Core Alternative Capital Grows Stake in Bank of America Co. (NYSE:BAC)

Core Alternative Capital increased its stake in Bank of America Co. (NYSE:BAC) by 45.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,171 shares of the financial services provider’s stock after acquiring an additional 368 shares during the period. Core Alternative Capital’s holdings in Bank of America were worth $52,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Equitable Holdings Inc. grew its position in Bank of America by 14.6% in the fourth quarter. Equitable Holdings Inc. now owns 120,665 shares of the financial services provider’s stock worth $5,368,000 after acquiring an additional 15,332 shares in the last quarter. Bigelow Investment Advisors LLC boosted its position in shares of Bank of America by 9.1% during the fourth quarter. Bigelow Investment Advisors LLC now owns 10,620 shares of the financial services provider’s stock valued at $472,000 after buying an additional 882 shares during the period. Peachtree Investment Partners LLC boosted its position in shares of Bank of America by 147.4% during the fourth quarter. Peachtree Investment Partners LLC now owns 22,581 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 13,455 shares during the period. AMI Investment Management Inc. boosted its position in shares of Bank of America by 0.4% during the fourth quarter. AMI Investment Management Inc. now owns 125,982 shares of the financial services provider’s stock valued at $5,605,000 after buying an additional 460 shares during the period. Finally, Roof Eidam & Maycock ADV purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $893,000. Institutional investors own 70.46% of the company’s stock.

BAC has been the subject of several recent analyst reports. Piper Sandler dropped their target price on Bank of America from $57.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, April 5th. The Goldman Sachs Group dropped their target price on Bank of America from $52.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, April 20th. StockNews.com initiated coverage on Bank of America in a research report on Thursday, March 31st. They set a “hold” rating for the company. BMO Capital Markets decreased their price target on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a research note on Tuesday, April 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $52.50 to $53.50 in a research note on Thursday, February 3rd. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $50.41.

NYSE BAC traded down $1.00 on Wednesday, hitting $34.99. The stock had a trading volume of 941,600 shares, compared to its average volume of 52,148,696. The business’s fifty day moving average price is $39.39 and its 200 day moving average price is $43.57. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. Bank of America Co. has a 52-week low of $34.26 and a 52-week high of $50.11. The stock has a market cap of $281.91 billion, a price-to-earnings ratio of 10.28, a price-to-earnings-growth ratio of 1.53 and a beta of 1.39.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.01. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The business had revenue of $23.20 billion for the quarter, compared to analyst estimates of $23.09 billion. During the same period in the previous year, the company earned $0.86 earnings per share. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.31 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Friday, June 3rd will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.40%. The ex-dividend date is Thursday, June 2nd. Bank of America’s dividend payout ratio is currently 24.00%.

About Bank of America (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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

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