TCW Group Inc. reduced its position in Bank of America Corp (NYSE:BAC) by 10.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 89,100 shares of the financial services provider’s stock after selling 10,900 shares during the quarter. TCW Group Inc.’s holdings in Bank of America were worth $2,258,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Gateway Advisory LLC increased its position in Bank of America by 0.4% during the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after buying an additional 45 shares in the last quarter. Arbor Investment Advisors LLC boosted its stake in Bank of America by 0.3% during the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 46 shares during the last quarter. Lbmc Investment Advisors LLC boosted its stake in Bank of America by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. boosted its stake in Bank of America by 0.4% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 54 shares during the last quarter. Finally, Altavista Wealth Management Inc. boosted its stake in Bank of America by 0.7% during the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after purchasing an additional 68 shares during the last quarter. Institutional investors own 69.34% of the company’s stock.
Shares of Bank of America Corp (NYSE:BAC) traded down $1.69 during midday trading on Monday, reaching $30.26. The company’s stock had a trading volume of 155,379,836 shares, compared to its average volume of 64,590,000. Bank of America Corp has a 52 week low of $22.07 and a 52 week high of $32.67. The company has a market capitalization of $315,630.00, a PE ratio of 19.65, a P/E/G ratio of 1.62 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 (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. equities analysts predict that Bank of America Corp will post 2.46 EPS for the current year.
The company also recently declared 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 is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. Bank of America’s payout ratio is 31.17%.
Bank of America announced that its Board of Directors has initiated a share repurchase 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 usually a sign that the company’s board believes its shares are undervalued.
A number of equities analysts have recently issued reports on BAC shares. Instinet dropped their price target on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets raised their price target on Bank of America to $34.00 and gave the stock an “average” rating in a research note 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 on the stock in a research note on Monday, October 16th. Oppenheimer restated a “buy” rating on shares of Bank of America in a research note on Friday, October 13th. Finally, Nomura lifted their target price on 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 investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $30.17.
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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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