Lord Abbett & CO. LLC grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 57.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,377,671 shares of the financial services provider’s stock after buying an additional 1,971,715 shares during the period. Lord Abbett & CO. LLC owned approximately 0.05% of Bank of America worth $130,463,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the business. Gateway Advisory LLC lifted its stake in Bank of America by 0.4% during the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 45 shares in the last quarter. Arbor Investment Advisors LLC lifted its stake in Bank of America by 0.3% during the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC lifted its stake in Bank of America by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after acquiring an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. lifted its stake in Bank of America by 0.4% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 54 shares in the last quarter. Finally, Altavista Wealth Management Inc. lifted its stake in Bank of America by 0.7% during the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 68.56% of the company’s stock.
Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday. Royal Bank of Canada reaffirmed 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 reaffirmed an “overweight” rating and set a $30.00 target price (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $26.67 target price for the company. in a research report on Monday, November 6th. Finally, J P Morgan Chase & Co raised 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. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $26.55.
Shares of Bank of America Corp (BAC) opened at $29.04 on Friday. The stock has a market capitalization of $299,775.75, a PE ratio of 16.42, a PEG ratio of 1.99 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corp has a 12-month low of $21.77 and a 12-month high of $29.50.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS. sell-side analysts forecast that Bank of America Corp will post 1.8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.65%. Bank of America’s payout ratio is 27.43%.
Bank of America announced that its board has authorized a share buyback program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is 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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