Point View Wealth Management Inc. Acquires 1,979 Shares of Bank of America Corp (BAC)

Point View Wealth Management Inc. raised its holdings in Bank of America Corp (NYSE:BAC) by 3.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 54,995 shares of the financial services provider’s stock after acquiring an additional 1,979 shares during the period. Point View Wealth Management Inc.’s holdings in Bank of America were worth $1,394,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BAC. Janus Henderson Group PLC raised its holdings in Bank of America by 587.0% in the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after acquiring an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Bank of America by 27.8% during the 2nd 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 buying an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after buying an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD increased its holdings in shares of Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after buying an additional 7,231,615 shares during the last quarter. Institutional investors own 68.47% of the company’s stock.

Bank of America Corp (BAC) opened at $31.72 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $31.79. The company has a market cap of $330,860.00, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 1.62 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. During the same quarter last year, the company posted $0.40 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. equities research analysts forecast that Bank of America Corp will post 2.45 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.51%. Bank of America’s dividend payout ratio is presently 31.17%.

A number of analysts have recently issued reports on BAC shares. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a report on Monday, October 16th. Deutsche Bank restated a “hold” rating and set a $25.00 price target (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a report on Thursday, December 14th. Wells Fargo & Co set a $35.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and increased their price objective for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $29.87.

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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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