Matthew Goff Investment Advisor LLC Grows Stake in Bank of America Co. (NYSE:BAC)

Matthew Goff Investment Advisor LLC boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 450,799 shares of the financial services provider’s stock after buying an additional 3,062 shares during the quarter. Bank of America makes up approximately 3.9% of Matthew Goff Investment Advisor LLC’s investment portfolio, making the stock its 5th largest position. Matthew Goff Investment Advisor LLC’s holdings in Bank of America were worth $14,930,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in Bank of America by 60.0% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 103,645,596 shares of the financial services provider’s stock worth $3,130,177,000 after acquiring an additional 38,870,780 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Bank of America by 1,356.6% in the 3rd quarter. Fisher Asset Management LLC now owns 20,390,322 shares of the financial services provider’s stock worth $615,788,000 after purchasing an additional 18,990,473 shares during the period. Snider Financial Group grew its stake in Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after buying an additional 14,297,496 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Bank of America by 3,474.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock valued at $480,579,000 after buying an additional 11,332,721 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in shares of Bank of America during the 1st quarter valued at $395,481,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on BAC shares. Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $40.00 price target for the company. in a research note on Tuesday, January 31st. Citigroup increased their price target on shares of Bank of America from $36.00 to $38.00 in a report on Tuesday, January 17th. StockNews.com began coverage on shares of Bank of America in a report on Thursday. They set a “hold” rating on the stock. Morgan Stanley lowered their price objective on shares of Bank of America from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 15th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Bank of America from a “buy” rating to a “hold” rating and decreased their price target for the stock from $45.00 to $36.00 in a research report on Friday, January 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $40.16.

Bank of America Trading Down 4.0 %

BAC stock traded down $1.15 during mid-day trading on Friday, hitting $27.82. 130,665,529 shares of the company were exchanged, compared to its average volume of 67,751,904. The firm has a market capitalization of $222.67 billion, a P/E ratio of 8.72, a PEG ratio of 1.22 and a beta of 1.40. Bank of America Co. has a 12-month low of $27.62 and a 12-month high of $44.63. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 1.13. The business has a fifty day simple moving average of $34.02 and a 200-day simple moving average of $34.07.

Bank of America (NYSE:BACGet Rating) last issued its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.09. The business had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $24.17 billion. Bank of America had a net margin of 23.93% and a return on equity of 11.41%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 earnings per share. On average, equities research analysts predict that Bank of America Co. will post 3.38 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, March 2nd. This represents a $0.88 annualized dividend and a dividend yield of 3.16%. Bank of America’s dividend payout ratio is presently 27.59%.

Insider Activity at Bank of America

In other Bank of America news, insider Matthew M. Koder sold 214,745 shares of the stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total value of $7,711,492.95. Following the transaction, the insider now directly owns 214,747 shares in the company, valued at $7,711,564.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of America news, insider Matthew M. Koder sold 105,054 shares of the firm’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $34.27, for a total value of $3,600,200.58. Following the completion of the sale, the insider now owns 319,803 shares of the company’s stock, valued at $10,959,648.81. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Matthew M. Koder sold 214,745 shares of the firm’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $35.91, for a total value of $7,711,492.95. Following the completion of the sale, the insider now directly owns 214,747 shares of the company’s stock, valued at approximately $7,711,564.77. The disclosure for this sale can be found here. 0.27% of the stock is owned by corporate insiders.

About Bank of America

(Get Rating)

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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