Nisa Investment Advisors LLC trimmed its stake in Bank of America Corp (NYSE:BAC) by 1.5% in the 4th quarter, HoldingsChannel reports. The firm owned 3,546,169 shares of the financial services provider’s stock after selling 52,297 shares during the period. Bank of America makes up 1.1% of Nisa Investment Advisors LLC’s portfolio, making the stock its 10th largest holding. Nisa Investment Advisors LLC’s holdings in Bank of America were worth $104,677,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Bank of America in the 2nd quarter worth $1,017,000. Burt Wealth Advisors increased its stake in Bank of America by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares in the last quarter. HWG Holdings LP purchased a new stake in Bank of America in the 3rd quarter worth $116,000. MPS Loria Financial Planners LLC purchased a new stake in Bank of America in the 2nd quarter worth $115,000. Finally, Legacy Advisors LLC purchased a new stake in Bank of America in the 3rd quarter worth $115,000. Hedge funds and other institutional investors own 69.28% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $31.97 on Friday. The firm has a market capitalization of $328,884.97, a PE ratio of 17.57, a PEG ratio of 1.62 and a beta of 1.41. 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 Corp has a 12-month low of $22.07 and a 12-month high of $32.67.
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 Zacks’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. sell-side analysts forecast that Bank of America Corp will post 2.46 EPS for the current year.
Bank of America declared that its Board of Directors has approved a share buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s payout ratio is 30.97%.
BAC has been the subject of a number of analyst reports. Barclays increased their price target on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Instinet cut their price target on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday, January 2nd. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $31.00 price target on shares of Bank of America in a research note on Monday, January 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $30.21.
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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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