Amalgamated Bank Increases Stake in Bank of America (BAC)

Amalgamated Bank lifted its holdings in Bank of America (NYSE:BAC) by 8.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,222,917 shares of the financial services provider’s stock after purchasing an additional 90,998 shares during the period. Bank of America comprises 1.0% of Amalgamated Bank’s holdings, making the stock its 11th biggest position. Amalgamated Bank’s holdings in Bank of America were worth $36,101,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Bank of America by 5.8% during the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after acquiring an additional 5,720,403 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after acquiring an additional 379,854 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after acquiring an additional 9,612,342 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Bank of America by 13.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after acquiring an additional 4,801,300 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Bank of America by 3.7% during the 4th quarter. UBS Asset Management Americas Inc. now owns 39,813,205 shares of the financial services provider’s stock worth $1,175,286,000 after acquiring an additional 1,403,412 shares in the last quarter. 69.84% of the stock is owned by hedge funds and other institutional investors.

BAC has been the subject of several recent analyst reports. Credit Suisse Group boosted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, March 16th. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price objective for the company in a research note on Thursday, March 1st. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Wells Fargo set a $35.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, Vining Sparks reiterated a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research note on Wednesday, January 17th. Nine research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and an average target price of $30.97.

Shares of Bank of America stock opened at $29.80 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America has a 12-month low of $22.07 and a 12-month high of $33.05. The company has a market cap of $313,969.09, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.53 and a beta of 1.37.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. Bank of America’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 EPS. research analysts forecast that Bank of America will post 2.5 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is currently 26.23%.

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About Bank of America

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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