Griffin Asset Management Inc. lifted its position in Bank of America Corp (NYSE:BAC) by 49.6% during the third quarter, Holdings Channel reports. The institutional investor owned 50,817 shares of the financial services provider’s stock after purchasing an additional 16,843 shares during the period. Griffin Asset Management Inc.’s holdings in Bank of America were worth $1,288,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. lifted its position in Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD lifted its position in Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. Hedge funds and other institutional investors own 69.34% of the company’s stock.
Shares of Bank of America Corp (NYSE BAC) opened at $30.33 on Friday. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $32.67. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market capitalization of $305,944.28, a PE ratio of 19.57, a PEG ratio of 1.51 and a beta of 1.41.
Bank of America announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.58%. Bank of America’s dividend payout ratio (DPR) is 30.97%.
BAC has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Credit Suisse Group upgraded Bank of America to an “outperform” rating and lifted their target price for the company from $32.00 to $35.00 in a research report on Thursday, January 4th. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Morgan Stanley reissued an “overweight” rating and set a $30.00 price target (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $30.17.
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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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