Busey Trust CO Invests $1.31 Million in Bank of America (BAC)

Busey Trust CO purchased a new stake in shares of Bank of America (NYSE:BAC) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 43,647 shares of the financial services provider’s stock, valued at approximately $1,309,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in Bank of America by 5.8% in the fourth 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 purchasing an additional 5,720,403 shares during the period. Fred Alger Management Inc. grew its holdings in Bank of America by 56.5% in the fourth quarter. Fred Alger Management Inc. now owns 14,842,612 shares of the financial services provider’s stock worth $438,154,000 after purchasing an additional 5,360,724 shares during the period. SG Americas Securities LLC grew its holdings in Bank of America by 173.0% in the fourth quarter. SG Americas Securities LLC now owns 1,789,973 shares of the financial services provider’s stock worth $52,840,000 after purchasing an additional 4,243,334 shares during the period. Mackenzie Financial Corp grew its holdings in Bank of America by 44.1% in the fourth quarter. Mackenzie Financial Corp now owns 12,462,731 shares of the financial services provider’s stock worth $367,900,000 after purchasing an additional 3,811,966 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new stake in Bank of America in the third quarter worth about $88,757,000. Institutional investors own 69.87% of the company’s stock.

A number of equities research analysts have weighed in on BAC shares. BMO Capital Markets upped their price objective on shares of Bank of America to $34.00 and gave the stock an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. Royal Bank of Canada upped their price objective on shares of Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Vetr cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price objective on the stock. in a report on Friday, January 19th. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Morgan Stanley upped their price objective on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Nine analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $32.13.

Shares of NYSE BAC opened at $30.81 on Friday. The company has a market capitalization of $319.81 billion, a PE ratio of 16.84, a PEG ratio of 1.53 and a beta of 1.37. Bank of America has a 52-week low of $31.02 and a 52-week high of $31.24. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last issued its earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.03. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.04 billion. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. research analysts anticipate that Bank of America will post 2.55 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, May 31st. This represents a $0.48 dividend on an annualized basis and a yield of 1.56%. Bank of America’s dividend payout ratio (DPR) is 26.23%.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply