Northpointe Capital LLC lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 10.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 342,413 shares of the financial services provider’s stock after selling 41,114 shares during the quarter. Bank of America makes up about 0.9% of Northpointe Capital LLC’s investment portfolio, making the stock its 26th largest holding. Northpointe Capital LLC’s holdings in Bank of America were worth $8,677,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Loeb Partners Corp acquired a new position in shares of Bank of America during the third quarter valued at $5,494,000. Strategic Financial Group LLC acquired a new position in shares of Bank of America during the third quarter valued at $211,000. Adviser Investments LLC boosted its holdings in shares of Bank of America by 8.8% during the third quarter. Adviser Investments LLC now owns 282,550 shares of the financial services provider’s stock valued at $7,160,000 after acquiring an additional 22,767 shares during the period. BB&T Corp boosted its holdings in shares of Bank of America by 3.8% during the third quarter. BB&T Corp now owns 794,835 shares of the financial services provider’s stock valued at $20,141,000 after acquiring an additional 28,916 shares during the period. Finally, River & Mercantile Asset Management LLP raised its stake in shares of Bank of America by 3.1% during the third quarter. River & Mercantile Asset Management LLP now owns 504,000 shares of the financial services provider’s stock valued at $12,769,000 after purchasing an additional 15,000 shares in the last quarter. 68.43% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corp (NYSE:BAC) traded up $0.53 during midday trading on Friday, hitting $31.19. The company had a trading volume of 66,034,400 shares, compared to its average volume of 73,990,000. The company has a market cap of $325,330.00, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.67 and a beta of 1.32. Bank of America Corp has a 1-year low of $22.01 and a 1-year 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.
Bank of America (NYSE:BAC) last announced its quarterly earnings results 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 analysts’ expectations of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 EPS. analysts predict that Bank of America Corp will post 1.79 EPS for the current fiscal year.
Bank of America announced that its board has authorized a stock 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. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.54%. Bank of America’s dividend payout ratio (DPR) is currently 27.91%.
BAC has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Royal Bank of Canada restated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and boosted their price target for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and a consensus target price of $29.14.
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About Bank of America
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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