First Command Financial Services Inc. increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 10.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,963 shares of the financial services provider’s stock after purchasing an additional 1,807 shares during the period. First Command Financial Services Inc.’s holdings in Bank of America were worth $589,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Lbmc Investment Advisors LLC boosted its holdings in Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. boosted its holdings in Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 54 shares in the last quarter. Altavista Wealth Management Inc. boosted its holdings in Bank of America by 0.7% in the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares in the last quarter. Alpha Omega Wealth Management LLC boosted its holdings in Bank of America by 0.3% in the second 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. Finally, Gerber Kawasaki Wealth & Investment Management boosted its holdings in Bank of America by 0.9% in the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 11,190 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 98 shares in the last quarter. 69.28% of the stock is owned by institutional investors and hedge funds.
Bank of America Corp (BAC) opened at $31.97 on Friday. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $32.67. The stock has a market capitalization of $328,884.97, a PE ratio of 17.57, a P/E/G ratio of 1.62 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 (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. During the same quarter in the previous year, the business earned $0.40 EPS. Bank of America’s revenue was up 3.5% compared to the same quarter last year. equities analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current year.
Bank of America declared that its board has authorized a share repurchase program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. Bank of America’s dividend payout ratio (DPR) is 30.97%.
BAC has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price target on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Credit Suisse Group upgraded Bank of America to an “outperform” rating and increased their price target for the stock from $32.00 to $35.00 in a report on Thursday, January 4th. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 price target (up previously from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Finally, Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $30.21.
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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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