Pax World Management LLC grew its position in shares of Bank of America Corp (NYSE:BAC) by 0.6% during the 3rd quarter, Holdings Channel reports. The firm owned 823,740 shares of the financial services provider’s stock after buying an additional 5,300 shares during the quarter. Bank of America makes up approximately 1.2% of Pax World Management LLC’s portfolio, making the stock its 28th largest holding. Pax World Management LLC’s holdings in Bank of America were worth $20,874,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of BAC. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the second quarter worth about $100,000. Chicago Partners Investment Group LLC grew its holdings in shares of 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 purchasing an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC purchased a new position in shares of Bank of America during the second quarter worth about $115,000. Legacy Advisors LLC purchased a new position in shares of Bank of America during the third quarter worth about $115,000. Finally, Bristlecone Advisors LLC purchased a new position in shares of Bank of America during the third quarter worth about $128,000. 68.43% of the stock is currently owned by institutional investors.
Shares of Bank of America Corp (NYSE BAC) opened at $30.27 on Wednesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $315,730.00, a PE ratio of 17.60, 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 $30.54.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. Bank of America’s payout ratio is currently 27.91%.
Bank of America announced that its Board of Directors has approved a share buyback 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
BAC has been the topic of several research reports. Instinet dropped their price objective on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. Vetr raised Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective on the stock in a report on Monday, October 16th. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a report on Friday, October 13th. Nomura raised their price target on Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, October 16th. Finally, BidaskClub lowered Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $27.56.
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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