TD Waterhouse Canada Inc. Grows Stock Position in Bank of America Co. (NYSE:BAC)

TD Waterhouse Canada Inc. grew its holdings in Bank of America Co. (NYSE:BAC) by 0.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 907,697 shares of the financial services provider’s stock after purchasing an additional 5,155 shares during the period. TD Waterhouse Canada Inc.’s holdings in Bank of America were worth $39,911,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of BAC. Lederer & Associates Investment Counsel CA lifted its holdings in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares during the last quarter. Avalon Trust Co lifted its stake in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC boosted its position in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after buying an additional 220 shares during the period. Marino Stram & Associates LLC raised its holdings in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management raised its holdings in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BAC. UBS Group upped their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Royal Bank of Canada decreased their price objective on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.43.

Bank of America Price Performance

BAC stock opened at $37.44 on Monday. The stock has a 50-day moving average price of $41.27 and a two-hundred day moving average price of $43.65. The company has a market cap of $284.65 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, research analysts predict that Bank of America Co. will post 3.7 EPS for the current 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 paid a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.78%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Bank of America 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.