SeaBridge Investment Advisors LLC grew its stake in Bank of America Corp (NYSE:BAC) by 7.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,005 shares of the financial services provider’s stock after buying an additional 14,815 shares during the period. Bank of America makes up about 1.3% of SeaBridge Investment Advisors LLC’s holdings, making the stock its 27th biggest holding. SeaBridge Investment Advisors LLC’s holdings in Bank of America were worth $5,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also made changes to their positions in BAC. Janus Henderson Group PLC boosted its stake in shares of Bank of America by 587.0% in the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Bank of America by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Bank of America by 52.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD boosted its stake in shares of Bank of America by 68.6% in the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. 68.43% of the stock is owned by institutional investors.
BAC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and upped their price target for the company from $32.00 to $35.00 in a report on Thursday, January 4th. Morgan Stanley reiterated an “overweight” rating and set a $30.00 price target (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Thursday, December 14th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $27.56.
Shares of Bank of America Corp (NYSE BAC) traded up $0.11 during trading on Thursday, hitting $30.66. 59,015,500 shares of the company traded hands, compared to its average volume of 75,340,000. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $319,800.00, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America Corp has a 52 week low of $22.01 and a 52 week high of $30.73.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the business earned $0.41 EPS. Bank of America’s quarterly revenue was up 2.1% compared to the same quarter last year. equities analysts anticipate that Bank of America Corp will post 1.79 EPS for the current fiscal year.
Bank of America announced that its Board of Directors has approved a stock buyback plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.57%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is 27.91%.
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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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