Bank of America Corporation (BAC) Position Increased by Gareth Morgan Investments Limited Partnership

Gareth Morgan Investments Limited Partnership increased its stake in shares of Bank of America Corporation (NYSE:BAC) by 11.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 742,486 shares of the financial services provider’s stock after buying an additional 75,862 shares during the period. Bank of America Corporation comprises 1.6% of Gareth Morgan Investments Limited Partnership’s portfolio, making the stock its 7th largest holding. Gareth Morgan Investments Limited Partnership’s holdings in Bank of America Corporation were worth $18,013,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Investec Asset Management LTD lifted its holdings in shares of Bank of America Corporation by 163.4% in the first quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock valued at $248,655,000 after purchasing an additional 6,538,908 shares in the last quarter. Karp Capital Management Corp purchased a new stake in shares of Bank of America Corporation in the first quarter valued at about $91,522,000. APG Asset Management N.V. lifted its holdings in shares of Bank of America Corporation by 14.8% in the second quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock valued at $729,124,000 after purchasing an additional 3,868,186 shares in the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of Bank of America Corporation by 56.2% in the first quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after purchasing an additional 3,764,582 shares in the last quarter. Finally, Hexavest Inc. purchased a new stake in shares of Bank of America Corporation in the second quarter valued at about $63,918,000. 62.19% of the stock is currently owned by hedge funds and other institutional investors.



TRADEMARK VIOLATION NOTICE: “Bank of America Corporation (BAC) Position Increased by Gareth Morgan Investments Limited Partnership” was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this piece on another publication, it was illegally copied and reposted in violation of US & international trademark and copyright legislation. The legal version of this piece can be read at https://www.dispatchtribunal.com/2017/11/18/bank-of-america-corporation-bac-position-increased-by-gareth-morgan-investments-limited-partnership.html.

Several brokerages have issued reports on BAC. Vetr downgraded shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $26.67 price target on the stock. in a report on Monday, November 6th. J P Morgan Chase & Co boosted their price objective on shares of Bank of America Corporation from $27.50 to $28.50 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. BidaskClub raised shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Citigroup Inc. reissued a “neutral” rating and issued a $27.00 price objective (up previously from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. Finally, Zacks Investment Research lowered shares of Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $25.82.

Bank of America Corporation (BAC) opened at $26.62 on Friday. Bank of America Corporation has a 52 week low of $19.87 and a 52 week high of $27.98. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The company has a market cap of $279,120.00, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 1.82 and a beta of 1.31.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the prior year, the firm posted $0.41 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. equities research analysts predict that Bank of America Corporation will post 1.8 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.80%. Bank of America Corporation’s dividend payout ratio (DPR) is 27.91%.

About Bank of America Corporation

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply