Bessemer Group Inc. decreased its stake in Bank of America Corp (NYSE:BAC) by 89.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 120,025 shares of the financial services provider’s stock after selling 993,239 shares during the quarter. Bessemer Group Inc.’s holdings in Bank of America were worth $3,041,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the 2nd quarter valued at $100,000. Chicago Partners Investment Group LLC raised its holdings 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 worth $103,000 after acquiring an additional 450 shares during the period. MPS Loria Financial Planners LLC bought a new position in Bank of America in the 2nd quarter worth $115,000. Legacy Advisors LLC bought a new position in Bank of America in the 3rd quarter worth $115,000. Finally, Bristlecone Advisors LLC bought a new position in Bank of America in the 3rd quarter worth $128,000. Institutional investors and hedge funds own 69.51% of the company’s stock.
Bank of America Corp (NYSE BAC) traded up $0.50 during trading hours on Thursday, reaching $32.50. 62,367,448 shares of the company’s stock were exchanged, compared to its average volume of 63,890,000. Bank of America Corp has a 52-week low of $22.07 and a 52-week high of $32.50. The firm has a market capitalization of $338,990.00, a price-to-earnings ratio of 21.10, a PEG ratio of 1.62 and a beta of 1.32. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same period in the previous year, the firm posted $0.40 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. analysts expect that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
Bank of America declared that its Board of Directors has authorized a share 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Several research analysts recently commented on the stock. Vetr upgraded shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 target price on the stock in a report on Monday, October 9th. Citigroup reiterated a “neutral” rating and issued a $27.00 target price (up previously from $25.00) on shares of Bank of America in a report on Monday, October 9th. Royal Bank of Canada raised their price target on shares of Bank of America from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Monday, October 16th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Finally, BMO Capital Markets raised their price target on shares of Bank of America to $34.00 and gave the stock an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have assigned a buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus price target of $29.87.
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Bank of America Company 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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