Carnick & Kubik Group LLC acquired a new position in Bank of America Corp (NYSE:BAC) during the third quarter, according to the company in its most recent filing with the SEC. The fund acquired 60,633 shares of the financial services provider’s stock, valued at approximately $1,536,000.
Other hedge funds have also recently modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $100,000. Chicago Partners Investment Group LLC raised its stake in shares of Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $115,000. Bristlecone Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at about $128,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. raised its stake in shares of Bank of America by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after purchasing an additional 1,850 shares in the last quarter. Hedge funds and other institutional investors own 68.43% of the company’s stock.
Bank of America Corp (NYSE BAC) traded up $0.11 during trading on Thursday, hitting $30.66. 59,320,000 shares of the stock traded hands, compared to its average volume of 75,340,000. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $319,800.00, a PE ratio of 17.83, a PEG ratio of 1.71 and a beta of 1.32. Bank of America Corp has a twelve month low of $22.01 and a twelve month high of $30.73.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $0.41 earnings per share. equities research analysts forecast that Bank of America Corp will post 1.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
Bank of America declared that its board has initiated a stock repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have recently issued reports on the stock. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price on the stock. in a research note on Wednesday. Robert W. Baird reiterated a “hold” rating and set a $24.00 price objective on shares of Bank of America in a research note on Sunday, October 1st. Societe Generale lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. Deutsche Bank reiterated a “hold” rating and set a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a research note on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and an average target price of $27.56.
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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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