BTIM Corp. raised its position in shares of Bank of America Corp (NYSE:BAC) by 15.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,554 shares of the financial services provider’s stock after purchasing an additional 4,500 shares during the quarter. BTIM Corp.’s holdings in Bank of America were worth $991,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Bank of America in the second quarter valued at approximately $1,017,000. Burt Wealth Advisors grew its position in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares during the period. HWG Holdings LP purchased a new position in Bank of America in the third quarter worth approximately $116,000. MPS Loria Financial Planners LLC purchased a new position in Bank of America in the second quarter worth approximately $115,000. Finally, Legacy Advisors LLC acquired a new position in Bank of America during the third quarter worth $115,000. Institutional investors and hedge funds own 69.92% of the company’s stock.
Shares of Bank of America Corp (NYSE BAC) traded down $0.24 during trading on Wednesday, hitting $32.12. 43,346,749 shares of the stock were exchanged, compared to its average volume of 74,984,945. The firm has a market cap of $328,820.00, a price-to-earnings ratio of 18.46, a PEG ratio of 1.67 and a beta of 1.36. 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 1-year low of $22.07 and a 1-year high of $33.05.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. equities analysts expect that Bank of America Corp will post 2.46 EPS for the current year.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is presently 27.59%.
A number of research analysts have commented on the company. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price target on the stock. in a research note on Monday. Societe Generale cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Vining Sparks reaffirmed a “buy” rating and set a $34.00 price objective on shares of Bank of America in a report on Wednesday, January 17th. Finally, Morgan Stanley raised 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $30.35.
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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