W.G. Shaheen & Associates DBA Whitney & Co raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 33.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,983 shares of the financial services provider’s stock after purchasing an additional 7,225 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Bank of America were worth $703,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Investec Asset Management LTD boosted its holdings in Bank of America by 68.6% in the second 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 during the last quarter. Quantitative Investment Management LLC purchased a new stake in Bank of America in the second quarter worth approximately $108,585,000. Schroder Investment Management Group boosted its holdings in Bank of America by 70.4% in the second 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 during the last quarter. Finally, APG Asset Management N.V. boosted its holdings 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 worth $729,124,000 after purchasing an additional 3,868,186 shares during the last quarter. 68.28% of the stock is owned by institutional investors and hedge funds.
BAC has been the topic of several analyst reports. BidaskClub upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Vetr upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price target on the stock in a research note on Wednesday, August 30th. BMO Capital Markets reiterated a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Wells Fargo & Company initiated coverage on shares of Bank of America in a research note on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $26.25.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 EPS. analysts predict that Bank of America Corp will post 1.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.66%. Bank of America’s dividend payout ratio (DPR) is 27.43%.
Bank of America 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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