Bedell Frazier Investment Counseling LLC reduced its stake in shares of Bank of America Corp (NYSE:BAC) by 2.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 441,622 shares of the financial services provider’s stock after selling 11,647 shares during the quarter. Bank of America accounts for approximately 5.2% of Bedell Frazier Investment Counseling LLC’s portfolio, making the stock its 4th largest holding. Bedell Frazier Investment Counseling LLC’s holdings in Bank of America were worth $11,191,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the company. Janus Henderson Group PLC grew its stake in shares of Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD grew its stake in shares of Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares during the last quarter. 68.46% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on BAC shares. Vetr raised Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price on the stock in a research note on Monday, October 16th. Deutsche Bank reissued a “hold” rating and issued a $25.00 target price (up from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Keefe, Bruyette & Woods raised their target price 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. Wells Fargo & Co set a $35.00 target price on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $29.14.
Bank of America (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the business earned $0.41 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. sell-side analysts predict that Bank of America Corp will post 1.79 EPS for the current fiscal year.
Bank of America declared that its board has initiated a stock buyback plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.
The firm 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. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Bank of America’s payout ratio is 27.91%.
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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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