Gluskin Sheff & Assoc Inc. Buys 414,773 Shares of Bank of America Corp (BAC)

Gluskin Sheff & Assoc Inc. lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 44.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,341,592 shares of the financial services provider’s stock after acquiring an additional 414,773 shares during the period. Bank of America accounts for about 3.0% of Gluskin Sheff & Assoc Inc.’s investment portfolio, making the stock its 9th largest position. Gluskin Sheff & Assoc Inc.’s holdings in Bank of America were worth $32,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in BAC. Investec Asset Management LTD increased its position in Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. Quantitative Investment Management LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $108,585,000. Schroder Investment Management Group increased its position in Bank of America by 70.4% during the 2nd quarter. Schroder Investment Management Group now owns 10,606,202 shares of the financial services provider’s stock worth $257,942,000 after purchasing an additional 4,381,323 shares in the last quarter. APG Asset Management N.V. grew its position in Bank of America by 14.8% in the second quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock valued at $729,124,000 after acquiring an additional 3,868,186 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its position in Bank of America by 56.2% in the first quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after acquiring an additional 3,764,582 shares in the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.

BAC has been the subject of several recent research reports. Jefferies Group reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Bank of America in a research report on Friday, August 11th. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a research report on Friday, October 13th. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective for the company in a research report on Monday, October 16th. Nomura increased their price objective on shares of Bank of America from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Finally, BidaskClub downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $26.25.

Bank of America Corp (NYSE BAC) opened at $28.10 on Friday. Bank of America Corp has a one year low of $21.02 and a one year high of $28.72. The stock has a market capitalization of $293,100.16, a price-to-earnings ratio of 16.06, a P/E/G ratio of 1.94 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same period last year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. analysts predict that Bank of America Corp will post 1.81 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.43%.

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

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