Montag A & Associates Inc. decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 36.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 245,248 shares of the financial services provider’s stock after selling 140,516 shares during the period. Montag A & Associates Inc.’s holdings in Bank of America were worth $6,215,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. Korea Investment CORP grew its position in Bank of America by 0.5% during the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after acquiring an additional 390,771 shares during the period. TIAA CREF Investment Management LLC grew its position in Bank of America by 1.7% during the second 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 acquiring an additional 1,079,788 shares during the period. Legal & General Group Plc grew its position in Bank of America by 2.0% during the second 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 acquiring an additional 1,007,405 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Bank of America by 27.8% during the second 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 acquiring an additional 9,612,342 shares during the period. 69.34% of the stock is owned by institutional investors.
A number of equities research analysts have issued reports on BAC shares. Barclays boosted their price target on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada reissued a “buy” rating and set a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Instinet lowered their price target on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets restated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a research note on Monday, January 8th. Finally, Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Buy” and a consensus price target of $30.17.
Shares of Bank of America Corp (BAC) traded down $1.69 during midday trading on Monday, reaching $30.26. The company’s stock had a trading volume of 155,217,941 shares, compared to its average volume of 64,590,000. Bank of America Corp has a 12-month low of $22.07 and a 12-month high of $32.67. The firm 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 debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last announced its quarterly earnings data 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. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 earnings per share. research analysts anticipate that Bank of America Corp will post 2.46 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
Bank of America declared that its board has approved a stock buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are 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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