Montag A & Associates Inc. cut its position in shares of Bank of America Corp (NYSE:BAC) by 36.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 245,248 shares of the financial services provider’s stock after selling 140,516 shares during the quarter. Montag A & Associates Inc.’s holdings in Bank of America were worth $6,215,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in BAC. Janus Henderson Group PLC grew its position in Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after acquiring an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after acquiring an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. grew its position in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after acquiring an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after acquiring an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD grew its position in Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after acquiring an additional 7,231,615 shares during the last quarter. Hedge funds and other institutional investors own 68.43% of the company’s stock.
Several equities research analysts have weighed in on the company. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a report on Monday, October 16th. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Barclays increased their price objective on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Societe Generale cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus target price of $29.14.
Bank of America Corp (NYSE:BAC) opened at $31.19 on Friday. The company has a market capitalization of $325,330.00, a P/E ratio of 18.13, a PEG ratio of 1.70 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 one year low of $22.01 and a one year high of $31.20.
Bank of America (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The company 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 revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. analysts expect that Bank of America Corp will post 1.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is presently 27.91%.
Bank of America declared that its board has approved a share buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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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