Bank of America Corp (BAC) Position Lifted by Eaton Vance Management

Eaton Vance Management lifted its stake in Bank of America Corp (NYSE:BAC) by 32.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,638,057 shares of the financial services provider’s stock after buying an additional 4,071,262 shares during the period. Bank of America makes up 1.1% of Eaton Vance Management’s investment portfolio, making the stock its 18th largest holding. Eaton Vance Management owned about 0.16% of Bank of America worth $409,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of BAC. NewSquare Capital LLC lifted its stake in shares of Bank of America by 50.0% in the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 500 shares during the period. Intercontinental Wealth Advisors LLC acquired a new stake in shares of Bank of America in the 4th quarter worth $41,000. Private Ocean LLC lifted its stake in shares of Bank of America by 131.9% in the 4th quarter. Private Ocean LLC now owns 1,679 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 955 shares during the period. Mackey Komara & Dankovich LLC acquired a new stake in shares of Bank of America in the 4th quarter worth $54,000. Finally, Financial Gravity Companies Inc. acquired a new stake in shares of Bank of America in the 4th quarter worth $54,000. 64.22% of the stock is currently owned by institutional investors.

Shares of NYSE BAC opened at $29.30 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.94. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $32.57. The stock has a market capitalization of $300.14 billion, a P/E ratio of 11.23, a P/E/G ratio of 1.27 and a beta of 1.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.07. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. The firm had revenue of $22.89 billion during the quarter, compared to analysts’ expectations of $22.37 billion. During the same quarter last year, the business earned $0.48 earnings per share. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corp will post 2.84 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is 22.99%.

Several analysts have recently commented on the stock. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Monday, January 21st. Jefferies Financial Group raised their target price on shares of Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, January 18th. Barclays reiterated a “hold” rating on shares of Bank of America in a research note on Thursday, January 17th. Finally, Wells Fargo & Co set a $36.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research note on Wednesday, January 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $33.18.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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