Sound Shore Management Inc. CT lifted its position in shares of Bank of America Corp (NYSE:BAC) by 12.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 10,121,051 shares of the financial services provider’s stock after buying an additional 1,092,839 shares during the period. Bank of America accounts for approximately 4.2% of Sound Shore Management Inc. CT’s portfolio, making the stock its 2nd largest holding. Sound Shore Management Inc. CT owned approximately 0.10% of Bank of America worth $256,467,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Gateway Advisory LLC grew its holdings 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 purchasing an additional 45 shares in the last quarter. Lbmc Investment Advisors LLC grew its holdings 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 in the last quarter. TCI Wealth Advisors Inc. grew its holdings 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 in the last quarter. Altavista Wealth Management Inc. grew its holdings 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 in the last quarter. Finally, Alpha Omega Wealth Management LLC grew its holdings in Bank of America by 0.3% during the 2nd quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock worth $613,000 after acquiring an additional 76 shares in the last quarter. 69.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of Bank of America Corp (BAC) traded up $0.82 during trading on Wednesday, reaching $32.00. 97,131,435 shares of the company’s stock traded hands, compared to its average volume of 81,330,000. Bank of America Corp has a 12-month low of $22.07 and a 12-month high of $32.67. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $329,190.00, a price-to-earnings ratio of 20.78, a PEG ratio of 1.58 and a beta of 1.41.
Bank of America (NYSE:BAC) last issued 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. The company 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 18.03% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 EPS. sell-side analysts forecast that Bank of America Corp will post 2.46 EPS for the current year.
Bank of America declared that its board has initiated a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a dividend of $0.12 per share. 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 31.17%.
BAC has been the subject of several recent analyst reports. Barclays raised their price objective on shares of 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 reiterated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a research report on Friday, December 8th. Instinet cut their price objective on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research note on Tuesday, January 2nd. Finally, BMO Capital Markets reissued a “hold” rating and set a $31.00 target price on shares of Bank of America in a research note on Monday, January 8th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $29.99.
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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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