Madison Investment Holdings Inc. reduced its stake in shares of Bank of America Corp (NYSE:BAC) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,169,354 shares of the financial services provider’s stock after selling 52,781 shares during the quarter. Madison Investment Holdings Inc.’s holdings in Bank of America were worth $29,631,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Beach Investment Management LLC. boosted its position in Bank of America by 851.6% during the 2nd quarter. Beach Investment Management LLC. now owns 880,908 shares of the financial services provider’s stock worth $21,371,000 after acquiring an additional 788,338 shares during the period. Cliftonlarsonallen Wealth Advisors LLC boosted its position in Bank of America by 0.7% during the 2nd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 78,927 shares of the financial services provider’s stock worth $1,915,000 after acquiring an additional 568 shares during the period. Lakeview Capital Partners LLC boosted its position in Bank of America by 5.6% during the 2nd quarter. Lakeview Capital Partners LLC now owns 48,003 shares of the financial services provider’s stock worth $1,165,000 after acquiring an additional 2,549 shares during the period. Baxter Bros Inc. boosted its position in Bank of America by 7.2% during the 2nd quarter. Baxter Bros Inc. now owns 46,467 shares of the financial services provider’s stock worth $1,127,000 after acquiring an additional 3,123 shares during the period. Finally, Financial Advisory Service Inc. boosted its position in Bank of America by 2.2% during the 2nd quarter. Financial Advisory Service Inc. now owns 20,583 shares of the financial services provider’s stock worth $499,000 after acquiring an additional 445 shares during the period. Hedge funds and other institutional investors own 69.34% of the company’s stock.
A number of research analysts have issued reports on the company. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Morgan Stanley boosted their price target on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Royal Bank of Canada boosted their price target on Bank of America to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Vetr lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price target for the company. in a research report on Friday, January 19th. Finally, Vining Sparks reiterated a “buy” rating and set a $34.00 price target on shares of Bank of America in a research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $30.17.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. Bank of America’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 earnings per share. research analysts anticipate that Bank of America Corp will post 2.46 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 30.97%.
Bank of America announced that its Board of Directors has initiated 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 repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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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