Duff & Phelps Investment Management Co. decreased its position in shares of Bank of America Corp (NYSE:BAC) by 2.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,135 shares of the financial services provider’s stock after selling 2,590 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Bank of America were worth $2,816,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in 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 buying an additional 9,117,007 shares during the period. Korea Investment CORP lifted its holdings in 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 buying an additional 390,771 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in 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 buying an additional 1,079,788 shares during the period. Legal & General Group Plc lifted its holdings in 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 buying an additional 1,007,405 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $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.
Several brokerages have commented on BAC. Robert W. Baird reaffirmed a “hold” rating and set a $24.00 target price on shares of Bank of America in a report on Sunday, October 1st. Deutsche Bank reaffirmed a “hold” rating and set a $25.00 target price (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Vetr raised Bank of America from a “sell” rating to a “hold” rating and set a $25.61 target price on the stock in a report on Monday, October 9th. Finally, Citigroup reissued a “neutral” rating and issued a $27.00 price objective (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Two research analysts have rated the stock with a sell rating, nine have assigned 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 presently has an average rating of “Buy” and an average target price of $26.72.
Bank of America (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $22.07 billion. During the same period in the previous year, the company posted $0.41 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. equities analysts anticipate that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.
Bank of America announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is 27.91%.
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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