First Heartland Consultants Inc. lifted its holdings in Bank of America Corp (NYSE:BAC) by 5.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 42,938 shares of the financial services provider’s stock after buying an additional 2,071 shares during the quarter. First Heartland Consultants Inc.’s holdings in Bank of America were worth $1,088,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of BAC. Janus Henderson Group PLC lifted its position in shares of 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 worth $329,911,000 after buying an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Bank of America by 27.8% in 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. lifted its position in shares of Bank of America by 1.4% in 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 lifted its position in shares of Bank of America by 52.4% in 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 lifted its position in shares of Bank of America by 68.6% in 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 69.34% of the company’s stock.
A number of research analysts have recently issued reports on BAC shares. Barclays raised their price target on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Instinet reduced their price target on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Tuesday, January 2nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $31.00 price objective on shares of Bank of America in a report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $30.17.
Bank of America (NYSE:BAC) last released its 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. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.40 EPS. equities research analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.58%. Bank of America’s payout ratio is 30.97%.
Bank of America declared that its board has approved a stock buyback 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 reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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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