Maltese Capital Management LLC grew its stake in Bank of America Corp (NYSE:BAC) by 50.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 865,400 shares of the financial services provider’s stock after acquiring an additional 290,400 shares during the quarter. Bank of America comprises about 1.9% of Maltese Capital Management LLC’s portfolio, making the stock its 6th biggest position. Maltese Capital Management LLC’s holdings in Bank of America were worth $21,929,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently made changes to their positions in BAC. Burt Wealth Advisors boosted its position in shares of Bank of America by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in shares of Bank of America in the 2nd quarter worth $115,000. Legacy Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth $115,000. HWG Holdings LP acquired a new stake in shares of Bank of America in the 3rd quarter worth $116,000. Finally, Bristlecone Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth $128,000. Institutional investors and hedge funds own 69.28% of the company’s stock.
A number of research firms have recently weighed in on BAC. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Morgan Stanley raised their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Royal Bank of Canada raised their price objective on Bank of America to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price target for the company. in a research report on Friday, January 19th. Finally, Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $29.99.
Shares of Bank of America Corp (NYSE BAC) traded up $0.60 during mid-day trading on Wednesday, hitting $31.78. The stock had a trading volume of 56,567,317 shares, compared to its average volume of 80,237,648. The firm has a market cap of $326,110.00, a PE ratio of 20.63, a PEG ratio of 1.58 and a beta of 1.41. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America Corp has a fifty-two week low of $22.07 and a fifty-two week high of $32.67.
Bank of America (NYSE:BAC) last issued 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 business had revenue of $20.69 billion during 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%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 EPS. research analysts expect that Bank of America Corp will post 2.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders 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 dividend yield of 1.51%. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
Bank of America declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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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