Zweig DiMenna Associates LLC cut its holdings in Bank of America Corp (NYSE:BAC) by 67.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 29,795 shares of the financial services provider’s stock after selling 62,182 shares during the period. Zweig DiMenna Associates LLC’s holdings in Bank of America were worth $755,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of 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 buying an additional 9,117,007 shares during the last quarter. Korea Investment CORP increased its holdings in Bank of America by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after purchasing an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares in the last quarter. Legal & General Group Plc increased its holdings in Bank of America by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after purchasing an additional 1,007,405 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Bank of America by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Institutional investors own 69.51% of the company’s stock.
Several analysts recently issued reports on BAC shares. Instinet lowered their price target on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets increased their price target on Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a report on Monday, October 16th. Oppenheimer reissued a “buy” rating on shares of Bank of America in a research report on Friday, October 13th. Finally, Nomura upped their price objective on shares of Bank of America from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the company. Bank of America currently has a consensus rating of “Buy” and an average price target of $30.17.
Shares of Bank of America Corp (NYSE BAC) traded down $0.55 during trading hours on Friday, hitting $31.95. 96,970,000 shares of the company’s stock were exchanged, compared to its average volume of 63,620,000. The firm has a market cap of $333,260.00, a price-to-earnings ratio of 20.75, a P/E/G ratio of 1.65 and a beta of 1.41. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. Bank of America Corp has a 52 week low of $22.07 and a 52 week high of $32.67.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 11.57% and a return on equity of 3.37%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. sell-side analysts expect that Bank of America Corp will post 2.46 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.50%. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
Bank of America declared that its Board of Directors has approved a stock repurchase program 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 buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors 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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