Fisher Asset Management LLC Buys 5,484,219 Shares of Bank of America Co. (NYSE:BAC)

Fisher Asset Management LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 17.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,649,708 shares of the financial services provider’s stock after purchasing an additional 5,484,219 shares during the period. Fisher Asset Management LLC’s holdings in Bank of America were worth $1,267,666,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC bought a new stake in Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the 4th quarter valued at $32,000. ZRC Wealth Management LLC raised its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC boosted its position in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after buying an additional 325 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.4 %

NYSE:BAC traded down $0.14 on Thursday, reaching $36.81. The stock had a trading volume of 10,074,715 shares, compared to its average volume of 40,644,332. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The stock has a market cap of $290.45 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average of $36.33 and a 200 day moving average of $32.98.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the company earned $0.94 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Oppenheimer upped their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $38.70.

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