Rheos Capital Works Inc. Buys New Position in Bank of America Co. (NYSE:BAC)

Rheos Capital Works Inc. acquired a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The fund acquired 250,000 shares of the financial services provider’s stock, valued at approximately $10,988,000.

A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Czech National Bank grew its position in Bank of America by 6.0% during the third quarter. Czech National Bank now owns 1,375,216 shares of the financial services provider’s stock valued at $54,569,000 after buying an additional 78,376 shares during the period. GAMMA Investing LLC grew its position in shares of Bank of America by 14.5% during the 3rd quarter. GAMMA Investing LLC now owns 94,287 shares of the financial services provider’s stock valued at $3,741,000 after acquiring an additional 11,909 shares during the period. WealthBridge Capital Management LLC increased its stake in shares of Bank of America by 22.9% during the 3rd quarter. WealthBridge Capital Management LLC now owns 8,124 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 1,515 shares during the last quarter. Diversified Trust Co raised its holdings in shares of Bank of America by 34.8% in the 3rd quarter. Diversified Trust Co now owns 162,072 shares of the financial services provider’s stock worth $6,431,000 after purchasing an additional 41,877 shares during the period. Finally, Smith Anglin Financial LLC lifted its stake in Bank of America by 13.6% in the third quarter. Smith Anglin Financial LLC now owns 13,007 shares of the financial services provider’s stock valued at $516,000 after purchasing an additional 1,561 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 1.0 %

NYSE:BAC opened at $46.25 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $45.83 and its two-hundred day moving average is $42.77. Bank of America Co. has a twelve month low of $32.35 and a twelve month high of $48.08. The company has a market cap of $354.84 billion, a PE ratio of 14.36, a P/E/G ratio of 1.26 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share. Analysts anticipate that Bank of America Co. will post 3.67 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.25%. Bank of America’s dividend payout ratio is presently 32.30%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the company from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Company 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.