Nepsis Capital Management Inc. grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 16.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 296,494 shares of the financial services provider’s stock after buying an additional 40,885 shares during the period. Bank of America accounts for approximately 4.4% of Nepsis Capital Management Inc.’s holdings, making the stock its 4th biggest position. Nepsis Capital Management Inc.’s holdings in Bank of America were worth $8,753,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in BAC. Burt Wealth Advisors boosted its holdings in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at $115,000. Legacy Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $115,000. HWG Holdings LP bought a new stake in shares of Bank of America during the 3rd quarter valued at $116,000. Finally, Bristlecone Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $128,000. Hedge funds and other institutional investors own 68.67% of the company’s stock.
Bank of America Corp (NYSE BAC) opened at $31.69 on Friday. Bank of America Corp has a 52-week low of $22.07 and a 52-week 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 firm has a market capitalization of $327,856.25, a PE ratio of 20.45, a price-to-earnings-growth ratio of 1.62 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 earnings per share for the quarter, topping the Zacks’ 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 during the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the previous year, the firm earned $0.40 EPS. Bank of America’s revenue was up 3.5% on a year-over-year basis. 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 of Directors has authorized a share buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is 30.97%.
A number of analysts have recently commented on the stock. Vetr upgraded shares of Bank of America from a “strong sell” rating to a “sell” rating and set a $31.16 target price on the stock in a report on Monday. Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Morgan Stanley boosted their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Royal Bank of Canada upped their price target on shares of Bank of America to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company’s stock. Bank of America currently has an average rating of “Buy” and a consensus price target 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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