Smith Salley & Associates decreased its position in Bank of America Corp (NYSE:BAC) by 10.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,421 shares of the financial services provider’s stock after selling 2,648 shares during the quarter. Smith Salley & Associates’ holdings in Bank of America were worth $593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in BAC. Northwest Investment Counselors LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $100,000. Chicago Partners Investment Group LLC increased its stake in Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the period. MPS Loria Financial Planners LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $115,000. Legacy Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $115,000. Finally, Bristlecone Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $128,000. Institutional investors own 68.43% of the company’s stock.
Shares of Bank of America Corp (NYSE:BAC) opened at $30.33 on Monday. The firm has a market capitalization of $316,360.41, a price-to-earnings ratio of 17.33, a P/E/G ratio of 1.71 and a beta of 1.32. Bank of America Corp has a 12 month low of $22.01 and a 12 month high of $30.44. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.
Bank of America announced that its board has approved a stock buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.58%. Bank of America’s payout ratio is 27.43%.
BAC has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Royal Bank of Canada reissued a “buy” rating and set a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley reissued an “overweight” rating and set a $30.00 target price (up from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Credit Suisse Group raised Bank of America to an “outperform” rating and boosted their target price for the company from $32.00 to $35.00 in a research note on Thursday. Finally, Keefe, Bruyette & Woods boosted 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $27.50.
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Bank of America 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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