CI Investments Inc. grew its holdings in Bank of America Corp (NYSE:BAC) by 76.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,634,851 shares of the financial services provider’s stock after buying an additional 2,435,800 shares during the quarter. Bank of America accounts for approximately 1.3% of CI Investments Inc.’s holdings, making the stock its 22nd biggest holding. CI Investments Inc. owned 0.05% of Bank of America worth $142,787,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. 1ST Source Bank grew its holdings in shares of Bank of America by 4.8% in the 3rd quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after purchasing an additional 3,690 shares during the last quarter. TIAA FSB bought a new stake in shares of Bank of America in the 2nd quarter worth about $2,400,000. Personal Capital Advisors Corp bought a new stake in shares of Bank of America in the 3rd quarter worth about $311,000. Lbmc Investment Advisors LLC grew its holdings in shares of Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares during the last quarter. Finally, Beaton Management Co. Inc. bought a new stake in shares of Bank of America in the 2nd quarter worth about $2,081,000. Institutional investors own 68.43% of the company’s stock.
Several research firms have recently weighed in on BAC. Societe Generale lowered shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective on the stock. in a report on Wednesday. BMO Capital Markets reissued a “hold” rating and set a $31.00 price objective on shares of Bank of America in a report on Monday, January 8th. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Tuesday, January 2nd. Finally, Instinet decreased their price objective on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. Bank of America has a consensus rating of “Buy” and an average target price of $29.14.
Shares of Bank of America Corp (BAC) opened at $31.19 on Friday. The firm has a market cap of $325,330.00, a P/E ratio of 18.13, a P/E/G ratio of 1.71 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a 52-week low of $22.01 and a 52-week high of $31.20.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $22.08 billion for 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%. Bank of America’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were given 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 1.54%. Bank of America’s dividend payout ratio is 27.91%.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is 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.
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