Coastline Trust Co increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 81.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,072 shares of the financial services provider’s stock after purchasing an additional 39,180 shares during the quarter. Coastline Trust Co’s holdings in Bank of America were worth $2,571,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings 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 worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Bank of America by 1.7% during the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after purchasing an additional 1,079,788 shares during the last quarter. Legal & General Group Plc boosted its holdings in Bank of America by 0.7% during the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after purchasing an additional 379,854 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings 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 worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in Bank of America by 13.6% during the third quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after purchasing an additional 4,801,300 shares during the last quarter. Institutional investors and hedge funds own 68.67% of the company’s stock.
Several research analysts recently commented on BAC shares. Barclays increased their target price on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Royal Bank of Canada restated a “buy” rating and set a $30.00 target price on shares of Bank of America in a report on Friday, December 8th. Instinet reduced their target price on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Tuesday, January 2nd. Finally, BMO Capital Markets restated a “hold” rating and set a $31.00 target price on shares of Bank of America in a report on Monday, January 8th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $30.21.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 net margin of 18.03% and a return on equity of 8.54%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 earnings per share. sell-side analysts predict that Bank of America Corp will post 2.46 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Thursday, March 1st. Bank of America’s payout ratio is presently 30.97%.
Bank of America declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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