NS Partners Ltd decreased its position in Bank of America Corporation (NYSE:BAC) by 35.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 357,225 shares of the financial services provider’s stock after selling 192,776 shares during the period. NS Partners Ltd’s holdings in Bank of America Corporation were worth $8,427,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. River & Mercantile Asset Management LLP acquired a new stake in Bank of America Corporation during the fourth quarter worth $9,686,000. Lincoln Capital Corp acquired a new stake in Bank of America Corporation during the fourth quarter worth $819,000. Lincluden Management Ltd. increased its stake in Bank of America Corporation by 8.1% in the fourth quarter. Lincluden Management Ltd. now owns 457,961 shares of the financial services provider’s stock worth $10,121,000 after buying an additional 34,287 shares during the period. Ibex Wealth Advisors increased its stake in Bank of America Corporation by 324.3% in the fourth quarter. Ibex Wealth Advisors now owns 48,413 shares of the financial services provider’s stock worth $1,096,000 after buying an additional 37,004 shares during the period. Finally, Pekin Singer Strauss Asset Management IL increased its stake in Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock worth $545,000 after buying an additional 1,500 shares during the period. 66.42% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corporation (BAC) traded down 0.684% during mid-day trading on Friday, reaching $23.955. 25,946,929 shares of the company’s stock were exchanged. The company has a market cap of $251.92 billion, a PE ratio of 14.267 and a beta of 1.27. The company’s 50-day moving average price is $24.23 and its 200 day moving average price is $23.78. Bank of America Corporation has a 52-week low of $14.70 and a 52-week high of $25.80.
Bank of America Corporation (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same quarter in the prior year, the business posted $0.41 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Corporation will post $1.82 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.99%. Bank of America Corporation’s dividend payout ratio is presently 17.86%.
Bank of America Corporation announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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A number of equities research analysts recently weighed in on BAC shares. Nomura reissued a “buy” rating on shares of Bank of America Corporation in a research note on Wednesday, April 19th. Vining Sparks raised shares of Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target for the company in a research note on Wednesday, April 19th. Barclays PLC reissued an “equal weight” rating and set a $28.00 price target (up from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. Berenberg Bank downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and boosted their price target for the stock from $15.00 to $22.00 in a research note on Monday, April 24th. Finally, Zacks Investment Research downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. Bank of America Corporation currently has an average rating of “Buy” and a consensus target price of $23.94.
Bank of America Corporation Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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