Canoe Financial LP Acquires New Shares in Bank of America Co. (NYSE:BAC)

Canoe Financial LP bought a new position in Bank of America Co. (NYSE:BAC) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 2,685,000 shares of the financial services provider’s stock, valued at approximately $90,404,000.

Other hedge funds have also added to or reduced their stakes in the company. Schechter Investment Advisors LLC boosted its position in shares of Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 4,187 shares during the period. Ethos Financial Group LLC boosted its holdings in Bank of America by 6.2% in the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 492 shares during the period. Auxano Advisors LLC boosted its holdings in Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC increased its holdings in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its holdings in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Oppenheimer boosted their price objective on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Tuesday, April 30th. HSBC reaffirmed a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $38.70.

Bank of America Price Performance

Shares of Bank of America stock opened at $38.45 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year high of $38.78. The business’s 50 day simple moving average is $36.84 and its two-hundred day simple moving average is $33.47. The stock has a market capitalization of $300.69 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 1.70 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 earnings per share. Analysts forecast that Bank of America Co. will post 3.23 EPS for the current 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 issued a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America’s dividend payout ratio is currently 33.22%.

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.