Chartwell Investment Partners LLC lifted its position in Bank of America Corp (NYSE:BAC) by 0.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 923,988 shares of the financial services provider’s stock after buying an additional 6,323 shares during the quarter. Bank of America comprises approximately 0.8% of Chartwell Investment Partners LLC’s holdings, making the stock its 12th biggest position. Chartwell Investment Partners LLC’s holdings in Bank of America were worth $23,413,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in the stock. Appleton Partners Inc. MA boosted its position in Bank of America by 14.2% during the second quarter. Appleton Partners Inc. MA now owns 319,899 shares of the financial services provider’s stock worth $7,761,000 after purchasing an additional 39,700 shares during the period. Arbor Investment Advisors LLC lifted its holdings in shares of Bank of America by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after buying an additional 46 shares in the last quarter. Confluence Investment Management LLC acquired a new stake in shares of Bank of America during the second quarter worth $268,000. Pennsylvania Trust Co lifted its holdings in shares of Bank of America by 23.4% during the second quarter. Pennsylvania Trust Co now owns 111,909 shares of the financial services provider’s stock worth $2,724,000 after buying an additional 21,200 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the second quarter worth $100,000. 69.28% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America Corp (NYSE BAC) opened at $31.12 on Tuesday. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $32.67. The company has a market capitalization of $320,140.00, a P/E ratio of 20.21, a P/E/G ratio of 1.54 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 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 for the quarter, compared to analysts’ expectations of $21.61 billion. During the same period in the prior year, the business posted $0.40 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. equities analysts predict that Bank of America Corp will post 2.46 EPS for the current fiscal year.
Bank of America declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
BAC has been the subject of a number of research reports. Barclays lifted their target price on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Instinet dropped their price target on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday, January 2nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $31.00 price target on shares of Bank of America in a research note on Monday, January 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $29.99.
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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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