Payden & Rygel Has $22.13 Million Stock Holdings in Bank of America Co. (NYSE:BAC)

Payden & Rygel raised its position in shares of Bank of America Co. (NYSE:BAC) by 46.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 503,600 shares of the financial services provider’s stock after acquiring an additional 160,500 shares during the quarter. Bank of America makes up approximately 1.9% of Payden & Rygel’s holdings, making the stock its 10th largest position. Payden & Rygel’s holdings in Bank of America were worth $22,133,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Bank of America by 0.8% in the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider’s stock worth $43,268,000 after acquiring an additional 9,137 shares in the last quarter. Morse Asset Management Inc purchased a new position in Bank of America during the 3rd quarter valued at about $306,000. Two Sigma Advisers LP lifted its position in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after acquiring an additional 10,175,100 shares during the period. Finally, Worldquant Millennium Advisors LLC bought a new stake in Bank of America during the third quarter worth about $101,507,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BAC shares. Oppenheimer lifted their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Finally, Evercore ISI cut their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Trading Down 7.7 %

Shares of Bank of America stock opened at $34.37 on Friday. Bank of America Co. has a fifty-two week low of $33.67 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $261.32 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a fifty day moving average of $43.74 and a 200 day moving average of $43.88.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for 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 company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

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.