HM Payson & Co. lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 1.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 353,391 shares of the financial services provider’s stock after selling 3,850 shares during the period. HM Payson & Co.’s holdings in Bank of America were worth $8,954,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of BAC. Northwest Investment Counselors LLC purchased a new stake in Bank of America during the 2nd quarter valued at $100,000. Chicago Partners Investment Group LLC boosted its stake in Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC purchased a new stake in Bank of America during the 2nd quarter valued at $115,000. Legacy Advisors LLC purchased a new stake in Bank of America during the 3rd quarter valued at $115,000. Finally, Bristlecone Advisors LLC purchased a new position in shares of Bank of America in the 3rd quarter worth $128,000. 68.43% of the stock is owned by institutional investors.
Shares of Bank of America Corp (NYSE:BAC) opened at $30.55 on Thursday. 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 company has a market capitalization of $318,660.00, a PE ratio of 17.76, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America Corp has a twelve month low of $22.01 and a twelve month high of $30.73.
Bank of America announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits 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 announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. Bank of America’s dividend payout ratio (DPR) is 27.91%.
BAC has been the topic of a number of research reports. JPMorgan Chase & Co. raised their price target on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Credit Suisse Group upgraded Bank of America to an “outperform” rating and raised their price target for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. Morgan Stanley restated an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Finally, Keefe, Bruyette & Woods raised their price target on Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday, December 14th. One investment 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 issued a strong buy rating to the company’s stock. The stock presently 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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