Rothschild Asset Management Inc. lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 17.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,080,622 shares of the financial services provider’s stock after selling 1,051,622 shares during the period. Bank of America accounts for 1.4% of Rothschild Asset Management Inc.’s holdings, making the stock its 2nd biggest position. Rothschild Asset Management Inc.’s holdings in Bank of America were worth $128,743,000 as of its most recent filing with the Securities & Exchange Commission.
Several 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 2nd quarter valued at $100,000. Chicago Partners Investment Group LLC raised its stake in Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 450 shares during the period. MPS Loria Financial Planners LLC bought a new stake in Bank of America in the 2nd quarter valued at $115,000. Legacy Advisors LLC bought a new stake in Bank of America in the 3rd quarter valued at $115,000. Finally, Bristlecone Advisors LLC bought a new stake in Bank of America in the 3rd quarter valued at $128,000. Institutional investors own 68.47% of the company’s stock.
BAC has been the topic of several recent research reports. Royal Bank of Canada increased their price objective on Bank of America to $35.00 and gave the stock an “outperform” rating in a research report on Thursday. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price objective on the stock. in a research report on Friday. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Vining Sparks reiterated a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research report on Wednesday, January 17th. Finally, BMO Capital Markets increased their price objective on Bank of America to $34.00 and gave the stock an “average” rating in a research report on Thursday. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $29.87.
Shares of Bank of America Corp (BAC) opened at $31.72 on Monday. The stock has a market capitalization of $330,860.00, a price-to-earnings ratio of 20.60, a PEG ratio of 1.62 and a beta of 1.32. Bank of America Corp has a 1-year low of $22.07 and a 1-year high of $31.79. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.40 EPS. research analysts anticipate that Bank of America Corp will post 2.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 31.17%.
Bank of America announced that its board has initiated a stock repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board 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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