Bristol Advisors LLC purchased a new position in Bank of America Corp (NYSE:BAC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 197,600 shares of the financial services provider’s stock, valued at approximately $5,007,000. Bank of America accounts for about 5.0% of Bristol Advisors LLC’s investment portfolio, making the stock its 5th largest position.
Other institutional investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in Bank of America in the second quarter worth $100,000. Chicago Partners Investment Group LLC boosted its holdings in Bank of America by 11.0% in the second 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 Bank of America in the second quarter worth $115,000. Legacy Advisors LLC bought a new stake in Bank of America in the third quarter worth $115,000. Finally, Bristlecone Advisors LLC bought a new stake in Bank of America in the third quarter worth $128,000. 68.43% of the stock is currently owned by institutional investors and hedge funds.
Shares of Bank of America Corp (NYSE BAC) traded up $0.53 during trading on Friday, reaching $31.19. The company had a trading volume of 66,257,552 shares, compared to its average volume of 73,990,000. Bank of America Corp has a 52 week low of $22.01 and a 52 week high of $31.20. 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 capitalization of $325,330.00, a price-to-earnings ratio of 18.13, a PEG ratio of 1.67 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the prior year, the business posted $0.41 earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. sell-side analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
Bank of America announced that its Board of Directors has authorized a stock repurchase program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
BAC has been the topic of several analyst reports. BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Deutsche Bank restated a “hold” rating and issued a $25.00 price target (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Robert W. Baird restated a “hold” rating and issued a $24.00 price target on shares of Bank of America in a research note on Sunday, October 1st. Vetr cut Bank of America from a “hold” rating to a “sell” rating and set a $25.08 price objective for the company. in a research report on Wednesday, October 4th. Finally, Citigroup reiterated a “neutral” rating and set a $27.00 price objective (up previously from $25.00) on shares of Bank of America in a research report on Monday, October 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus 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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