Bank of the Ozarks grew its position in Bank of America Corp (NYSE:BAC) by 5.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,768 shares of the financial services provider’s stock after purchasing an additional 3,767 shares during the period. Bank of America comprises about 0.8% of Bank of the Ozarks’ holdings, making the stock its 23rd largest position. Bank of the Ozarks’ holdings in Bank of America were worth $1,996,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Bank of America during the 2nd quarter worth about $1,017,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the 2nd quarter worth about $100,000. Chicago Partners Investment Group LLC boosted its stake in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares in the last quarter. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America during the 2nd quarter worth about $115,000. Finally, Legacy Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth about $115,000. 68.43% of the stock is currently owned by institutional investors.
Bank of America Corp (BAC) opened at $30.66 on Friday. Bank of America Corp has a twelve month low of $22.01 and a twelve month high of $30.73. 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 stock has a market capitalization of $319,800.00, a P/E ratio of 17.83, a PEG ratio of 1.71 and a beta of 1.32.
Bank of America (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the prior year, the firm posted $0.41 EPS. Bank of America’s quarterly revenue was up 2.1% compared to the same quarter last year. research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
Bank of America declared that its Board of Directors has initiated a share buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.57%. Bank of America’s payout ratio is presently 27.91%.
BAC has been the subject of several recent analyst reports. Barclays upped 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 restated a “buy” rating and set a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Instinet decreased their target price on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets restated a “hold” rating and set a $31.00 target price on shares of Bank of America in a research note on Monday. Finally, Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $29.14.
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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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