Banque Pictet & Cie SA cut its holdings in Bank of America Corp (NYSE:BAC) by 2.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 513,215 shares of the financial services provider’s stock after selling 14,378 shares during the period. Banque Pictet & Cie SA’s holdings in Bank of America were worth $13,005,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Northwest Investment Counselors LLC acquired a new position in Bank of America in the second quarter valued at approximately $100,000. Chicago Partners Investment Group LLC lifted its holdings in Bank of America by 11.0% in 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 acquiring an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in Bank of America in the second quarter valued at approximately $115,000. Legacy Advisors LLC purchased a new stake in Bank of America in the third quarter valued at approximately $115,000. Finally, Bristlecone Advisors LLC purchased a new stake in Bank of America in the third quarter valued at approximately $128,000. Hedge funds and other institutional investors own 68.46% of the company’s stock.
Shares of Bank of America Corp (NYSE BAC) opened at $31.48 on Friday. Bank of America Corp has a 12-month low of $22.07 and a 12-month high of $31.79. 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 capitalization of $328,360.00, a price-to-earnings ratio of 20.44, a PEG ratio of 1.70 and a beta of 1.32.
Bank of America announced that its board has authorized a share repurchase program 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 reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 31.17%.
A number of analysts have issued reports on the company. Vetr lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.49 target price on the stock. in a research report on Friday. ValuEngine lowered Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. Royal Bank of Canada boosted their target price on Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday. BMO Capital Markets boosted their target price on Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday. They noted that the move was a valuation call. Finally, Robert W. Baird reissued a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research report on Sunday, October 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $29.87.
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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