Griffin Asset Management Inc. Acquires Shares of 33,974 Bank of America Corp (BAC)

Griffin Asset Management Inc. acquired a new position in shares of Bank of America Corp (NYSE:BAC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 33,974 shares of the financial services provider’s stock, valued at approximately $824,000.

Several other hedge funds have also recently modified their holdings of BAC. Peddock Capital Advisors LLC grew its holdings in shares of Bank of America by 2.9% during the first quarter. Peddock Capital Advisors LLC now owns 59,130 shares of the financial services provider’s stock worth $1,395,000 after purchasing an additional 1,694 shares during the last quarter. CI Investments Inc. boosted its stake in shares of Bank of America by 13.1% during the first quarter. CI Investments Inc. now owns 6,523,837 shares of the financial services provider’s stock worth $153,897,000 after buying an additional 756,738 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Bank of America by 28.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 743,649 shares of the financial services provider’s stock worth $17,543,000 after buying an additional 164,379 shares during the period. Mraz Amerine & Associates Inc. boosted its stake in shares of Bank of America by 0.8% during the first quarter. Mraz Amerine & Associates Inc. now owns 25,412 shares of the financial services provider’s stock worth $593,000 after buying an additional 210 shares during the period. Finally, Caldwell & Orkin Inc. boosted its stake in shares of Bank of America by 55.9% during the first quarter. Caldwell & Orkin Inc. now owns 126,465 shares of the financial services provider’s stock worth $2,983,000 after buying an additional 45,365 shares during the period. 68.56% of the stock is currently owned by institutional investors.

Shares of Bank of America Corp (NYSE:BAC) opened at $29.04 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $299,775.75, a PE ratio of 16.42, a P/E/G ratio of 1.99 and a beta of 1.31. Bank of America Corp has a 12-month low of $21.77 and a 12-month high of $29.50.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. equities analysts forecast that Bank of America Corp will post 1.8 EPS for the current year.

Bank of America announced that its board has initiated a share buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. Bank of America’s payout ratio is 27.43%.

Several brokerages have recently weighed in on BAC. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley reiterated an “overweight” rating and set a $30.00 target price (up previously from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Vetr downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $26.67 target price for the company. in a research note on Monday, November 6th. Finally, J P Morgan Chase & Co increased their target price on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $26.55.

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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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