34,026 Shares in Bank of America Corp (BAC) Purchased by Jarislowsky Fraser Ltd

Jarislowsky Fraser Ltd purchased a new stake in Bank of America Corp (NYSE:BAC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 34,026 shares of the financial services provider’s stock, valued at approximately $862,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BAC. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $1,017,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $100,000. Chicago Partners Investment Group LLC grew its position 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 purchasing an additional 450 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $115,000. Finally, Legacy Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $115,000. Institutional investors and hedge funds own 68.43% of the company’s stock.

A number of research analysts have 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 report on Wednesday. Societe Generale lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. BMO Capital Markets restated a “hold” rating and set a $31.00 target price on shares of Bank of America in a research report on Monday, January 8th. Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and increased their target price for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. Finally, Instinet decreased their target price on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. Bank of America currently has an average rating of “Buy” and an average target price of $29.14.

Shares of Bank of America Corp (NYSE BAC) opened at $31.19 on Friday. Bank of America Corp has a twelve month low of $22.01 and a twelve month high of $31.20. 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 firm has a market cap of $325,330.00, a P/E ratio of 18.13, a PEG ratio of 1.71 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.41 EPS. 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. Investors of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.

Bank of America declared that its Board of Directors has approved a stock buyback 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 buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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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.

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

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