Private Capital Management Inc. trimmed its holdings in shares of Bank of America Corp (NYSE:BAC) by 3.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 59,600 shares of the financial services provider’s stock after selling 2,200 shares during the quarter. Bank of America accounts for about 1.7% of Private Capital Management Inc.’s investment portfolio, making the stock its 4th biggest position. Private Capital Management Inc.’s holdings in Bank of America were worth $1,510,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Janus Henderson Group PLC grew its stake in Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Bank of America by 27.8% in the second 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 purchasing an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. grew its stake 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 in the last quarter. Parametric Portfolio Associates LLC grew its stake in Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD grew its stake 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 in the last quarter. 68.42% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Corp (NYSE BAC) opened at $29.88 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $311,670.00, a P/E ratio of 17.37, a PEG ratio of 2.07 and a beta of 1.31. Bank of America Corp has a 52-week low of $21.77 and a 52-week high of $30.03.
The firm 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. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.61%. Bank of America’s dividend payout ratio is presently 27.91%.
Bank of America declared that its Board of Directors has initiated a stock buyback program on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
A number of research firms recently commented on BAC. Wells Fargo & Co set a $35.00 price target on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Keefe, Bruyette & Woods lifted their target price on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. Royal Bank of Canada restated a “buy” rating and issued a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley restated an “overweight” rating and issued a $30.00 target price (up from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Finally, BidaskClub downgraded Bank of America from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 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 a consensus rating of “Buy” and an average target price of $26.72.
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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