Caldwell & Orkin Inc. raised its holdings in Bank of America Corp (NYSE:BAC) by 43.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 106,750 shares of the financial services provider’s stock after acquiring an additional 32,250 shares during the period. Bank of America accounts for about 2.8% of Caldwell & Orkin Inc.’s holdings, making the stock its 9th biggest position. Caldwell & Orkin Inc.’s holdings in Bank of America were worth $2,705,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of BAC. First Dallas Securities Inc. increased its holdings in Bank of America by 52.5% in the 3rd quarter. First Dallas Securities Inc. now owns 92,976 shares of the financial services provider’s stock valued at $2,356,000 after purchasing an additional 31,999 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Bank of America by 21.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 68,960 shares of the financial services provider’s stock valued at $1,747,000 after purchasing an additional 12,329 shares in the last quarter. Quantbot Technologies LP increased its holdings in Bank of America by 34.6% in the 3rd quarter. Quantbot Technologies LP now owns 581,795 shares of the financial services provider’s stock valued at $14,742,000 after purchasing an additional 149,685 shares in the last quarter. Putnam FL Investment Management Co. acquired a new stake in Bank of America in the 3rd quarter valued at $5,843,000. Finally, Strategic Wealth Advisors Group LLC increased its holdings in Bank of America by 2.8% in the 3rd quarter. Strategic Wealth Advisors Group LLC now owns 296,042 shares of the financial services provider’s stock valued at $7,502,000 after purchasing an additional 8,141 shares in the last quarter. Institutional investors own 69.34% of the company’s stock.
A number of equities analysts have weighed in on BAC shares. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective for the company in a research report on Monday, October 16th. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research report on Thursday, December 14th. Wells Fargo & Co set a $35.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Wednesday, December 20th. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and upped their price objective for the company from $32.00 to $35.00 in a research report on Thursday, January 4th. 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 stock. The stock has a consensus rating of “Buy” and an average price target of $30.17.
Bank of America Corp (NYSE BAC) traded up $0.59 on Friday, reaching $30.33. 143,071,053 shares of the company traded hands, compared to its average volume of 74,620,000. The firm has a market capitalization of $312,010.00, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 1.59 and a beta of 1.41. Bank of America Corp has a 52-week low of $22.07 and a 52-week high of $32.67. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. equities analysts anticipate that Bank of America Corp will post 2.46 EPS for the current year.
Bank of America announced that its Board of Directors has approved a stock repurchase plan 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid 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 payout ratio is currently 31.17%.
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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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