Truvestments Capital LLC Buys 304 Shares of Bank of America Co. (NYSE:BAC)

Truvestments Capital LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 16.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,154 shares of the financial services provider’s stock after acquiring an additional 304 shares during the period. Truvestments Capital LLC’s holdings in Bank of America were worth $95,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amundi lifted its holdings in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in Bank of America by 31,021.6% during the third quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. Swedbank AB lifted its holdings in Bank of America by 81.4% during the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock valued at $561,513,000 after purchasing an additional 5,733,810 shares in the last quarter. KBC Group NV lifted its holdings in Bank of America by 130.9% during the fourth quarter. KBC Group NV now owns 9,692,279 shares of the financial services provider’s stock valued at $425,976,000 after purchasing an additional 5,493,817 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in Bank of America by 193.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock valued at $301,898,000 after purchasing an additional 5,015,378 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.7 %

BAC stock opened at $39.90 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a twelve month low of $34.15 and a twelve month high of $48.08. The stock has a market capitalization of $303.40 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The firm’s fifty day simple moving average is $45.36 and its two-hundred day simple moving average is $43.73.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the previous year, the business posted $0.70 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BAC shares. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Wells Fargo & Company boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Oppenheimer boosted their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $48.64.

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.