Sfmg LLC bought a new stake in Bank of America Corp (NYSE:BAC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,000 shares of the financial services provider’s stock, valued at approximately $203,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the second quarter valued at about $100,000. Chicago Partners Investment Group LLC grew its stake 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 valued at $103,000 after buying an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC bought a new position in shares of Bank of America during the second quarter valued at about $115,000. Legacy Advisors LLC bought a new position in shares of Bank of America during the third quarter valued at about $115,000. Finally, Bristlecone Advisors LLC bought a new position in shares of Bank of America during the third quarter valued at about $128,000. 68.46% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on BAC. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective on the stock. in a research note on Wednesday, January 10th. Robert W. Baird reaffirmed a “hold” rating and set a $24.00 price objective on shares of Bank of America in a research note on Sunday, October 1st. Deutsche Bank reiterated a “hold” rating and set a $25.00 target price (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Finally, BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock 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 of this dividend 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 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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