Tiaa Fsb grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 369.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 464,821 shares of the financial services provider’s stock after purchasing an additional 365,905 shares during the quarter. Tiaa Fsb’s holdings in Bank of America were worth $11,778,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after acquiring an additional 9,117,007 shares during the period. Korea Investment CORP raised its holdings in shares of Bank of America by 0.5% during the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after acquiring an additional 390,771 shares during the period. TIAA CREF Investment Management LLC raised its holdings in shares of Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after acquiring an additional 1,079,788 shares during the period. Legal & General Group Plc raised its holdings in shares of Bank of America by 2.0% during the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after acquiring an additional 1,007,405 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Bank of America by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares during the period. 68.42% of the stock is currently owned by institutional investors.
BAC has been the topic of several research analyst reports. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Vetr upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a report on Wednesday, August 30th. Credit Suisse Group restated an “outperform” rating on shares of Bank of America in a report on Tuesday, October 10th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Finally, Citigroup restated a “neutral” rating and issued a $27.00 price objective (up from $25.00) on shares of Bank of America in a report on Monday, October 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. Bank of America currently has an average rating of “Buy” and an average price target of $26.72.
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, topping the Zacks’ 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 business had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. research analysts predict that Bank of America Corp will post 1.8 EPS for the current year.
Bank of America declared that its Board of Directors has approved a share buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is presently 27.43%.
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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