Howe & Rusling Inc. cut its stake in Bank of America Corp (NYSE:BAC) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,998 shares of the financial services provider’s stock after selling 2,210 shares during the period. Howe & Rusling Inc.’s holdings in Bank of America were worth $4,130,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 2nd quarter worth $100,000. Chicago Partners Investment Group LLC grew its position in Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC bought a new stake in Bank of America during the 2nd quarter worth $115,000. Mitsubishi UFJ Securities Holdings Co. Ltd. grew its position in Bank of America by 47.1% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after acquiring an additional 1,850 shares during the last quarter. Finally, Lenox Wealth Advisors Inc. bought a new stake in Bank of America during the 2nd quarter worth $144,000. 68.56% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have commented on BAC. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.29 price target on the stock in a research report on Monday, August 21st. Robert W. Baird reiterated a “hold” rating and issued a $24.00 price target on shares of Bank of America in a research report on Friday, August 25th. BidaskClub lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Deutsche Bank reiterated a “hold” rating and issued a $25.00 price target (up previously from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Finally, Citigroup reiterated a “neutral” rating and issued a $27.00 price target (up previously from $25.00) on shares of Bank of America in a research report on Monday, October 9th. Two 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 assigned a strong buy rating to the stock. Bank of America presently has an average rating of “Buy” and a consensus target price of $26.55.
Bank of America (NYSE:BAC) last released its earnings results 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 analyst estimates of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. Bank of America’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. analysts anticipate that Bank of America Corp will post 1.8 EPS for the current year.
Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is 27.43%.
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About Bank of America
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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