HM Payson & Co. Has $8.95 Million Position in Bank of America Corp (BAC)

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 (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. equities research analysts predict that Bank of America Corp will post 1.79 EPS for the current year.

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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