Stratos Wealth Partners LTD. purchased a new stake in shares of Bank of America Corp (NYSE:BAC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 157,205 shares of the financial services provider’s stock, valued at approximately $3,984,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Hellman Jordan Management Co. Inc. MA bought a new stake in shares of Bank of America during the second quarter valued at approximately $762,000. Baker Boyer National Bank bought a new stake in Bank of America during the second quarter worth approximately $203,000. Berson & Corrado Investment Advisors LLC raised its holdings in Bank of America by 1.8% during the second quarter. Berson & Corrado Investment Advisors LLC now owns 321,974 shares of the financial services provider’s stock worth $7,811,000 after purchasing an additional 5,594 shares in the last quarter. Lenox Wealth Advisors Inc. bought a new stake in Bank of America during the second quarter worth approximately $144,000. Finally, Country Club Trust Company n.a. raised its holdings in Bank of America by 4.2% during the second quarter. Country Club Trust Company n.a. now owns 18,882 shares of the financial services provider’s stock worth $458,000 after purchasing an additional 761 shares in the last quarter. 68.46% of the stock is currently owned by institutional investors.
Bank of America Corp (NYSE:BAC) opened at $31.19 on Tuesday. Bank of America Corp has a 52-week low of $22.01 and a 52-week high of $31.20. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market cap of $325,330.00, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32.
Bank of America declared that its board has approved a stock repurchase plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.
Several brokerages recently commented on BAC. Societe Generale cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price on the stock. in a report on Wednesday, January 10th. BMO Capital Markets reissued a “hold” rating and set a $31.00 target price on shares of Bank of America in a report on Monday, January 8th. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a report on Tuesday, January 2nd. Finally, Instinet dropped their target price on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $29.14.
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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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