Donaldson Capital Management LLC increased its position in Bank of America Corp (NYSE:BAC) by 16.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,312 shares of the financial services provider’s stock after acquiring an additional 4,050 shares during the period. Donaldson Capital Management LLC’s holdings in Bank of America were worth $743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of BAC. Fulton Bank N.A. grew its position in shares of Bank of America by 19.2% during the 2nd quarter. Fulton Bank N.A. now owns 107,285 shares of the financial services provider’s stock valued at $2,603,000 after acquiring an additional 17,305 shares during the period. Central Bank & Trust Co. grew its position in shares of Bank of America by 3,559.6% during the 2nd quarter. Central Bank & Trust Co. now owns 147,261 shares of the financial services provider’s stock valued at $3,571,000 after acquiring an additional 143,237 shares during the period. Appleton Partners Inc. MA grew its position in shares of Bank of America by 14.2% during the 2nd quarter. Appleton Partners Inc. MA now owns 319,899 shares of the financial services provider’s stock valued at $7,761,000 after acquiring an additional 39,700 shares during the period. Arbor Investment Advisors LLC grew its position in shares of 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 during the period. Finally, Confluence Investment Management LLC acquired a new stake in shares of Bank of America during the 2nd quarter valued at about $268,000. Institutional investors own 69.34% of the company’s stock.
A number of equities research analysts have recently commented on the company. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Morgan Stanley lifted their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Royal Bank of Canada lifted their price objective on Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price objective on the stock. in a report on Friday, January 19th. Finally, Vining Sparks reiterated a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a report on Wednesday, January 17th. One 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 company. The stock currently has an average rating of “Buy” and an average target price of $30.17.
Bank of America Corp (NYSE:BAC) traded up $0.59 during trading on Friday, reaching $30.33. 142,693,575 shares of the company traded hands, compared to its average volume of 78,220,000. Bank of America Corp has a 12-month low of $22.07 and a 12-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 firm has a market cap of $312,010.00, a P/E ratio of 19.69, a PEG ratio of 1.54 and a beta of 1.41.
Bank of America (NYSE:BAC) last posted its earnings results 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 firm had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. research analysts predict that Bank of America Corp will post 2.46 earnings per share for the current year.
The firm 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 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 31.17%.
Bank of America declared that its board has approved a stock buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is 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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