K.J. Harrison & Partners Inc grew its stake in Bank of America Corp (NYSE:BAC) by 178.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,499 shares of the financial services provider’s stock after purchasing an additional 58,008 shares during the period. K.J. Harrison & Partners Inc’s holdings in Bank of America were worth $2,293,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in BAC. Vantage Financial Partners Ltd. Inc. acquired a new position in Bank of America during the second quarter worth $1,017,000. Northwest Investment Counselors LLC acquired a new position in Bank of America during the second quarter worth $100,000. Chicago Partners Investment Group LLC grew its holdings in Bank of America by 11.0% during the second 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 period. MPS Loria Financial Planners LLC acquired a new position in Bank of America during the second quarter worth $115,000. Finally, Bristlecone Advisors LLC acquired a new stake in Bank of America in the third quarter valued at $128,000. 68.42% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on BAC shares. Vetr raised Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price on the stock in a report on Monday, October 16th. Deutsche Bank reissued a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Keefe, Bruyette & Woods upped their target price on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Thursday, December 14th. Wells Fargo & Co set a $35.00 target price on Bank of America and gave the company a “buy” rating in a report on Wednesday, December 20th. Finally, BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Two research 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 given a strong buy rating to the company. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $26.72.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the Thomson Reuters’ 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%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 earnings per share. sell-side analysts anticipate that Bank of America Corp will post 1.8 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid 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 yield of 1.61%. Bank of America’s dividend payout ratio is presently 27.91%.
Bank of America announced that its Board of Directors has approved a stock buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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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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