Bradley Foster & Sargent Inc. CT lifted its position in shares of Bank of America Corp (NYSE:BAC) by 9.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 187,082 shares of the financial services provider’s stock after buying an additional 15,983 shares during the quarter. Bradley Foster & Sargent Inc. CT owned approximately 17.94% of Bank of America worth $4,741,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Korea Investment CORP raised its stake in Bank of America by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after purchasing an additional 390,771 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares during the last quarter. Legal & General Group Plc raised its stake in Bank of America by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after purchasing an additional 1,007,405 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake 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 purchasing an additional 9,612,342 shares during the last quarter. 68.43% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corp (NYSE:BAC) opened at $30.12 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $314,170.00, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America Corp has a fifty-two week low of $22.01 and a fifty-two week high of $30.44.
Bank of America announced that its Board of Directors has initiated a share 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 buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is currently 27.91%.
BAC has been the subject of several analyst reports. BidaskClub downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “hold” rating and set a $24.86 target price for the company. in a research note on Wednesday, September 13th. 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 research note on Tuesday, September 26th. Robert W. Baird reissued a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research note on Sunday, October 1st. Finally, Citigroup reissued a “neutral” rating and issued a $27.00 target price (up previously from $25.00) on shares of Bank of America in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and an average target price of $27.56.
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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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