Acadian Asset Management LLC decreased its position in Bank of America Corp (NYSE:BAC) by 9.1% during the 4th quarter, Holdings Channel reports. The firm owned 168,172 shares of the financial services provider’s stock after selling 16,780 shares during the period. Acadian Asset Management LLC’s holdings in Bank of America were worth $4,962,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. Burt Wealth Advisors boosted its stake in shares of Bank of America by 4,013.1% in the third 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 during the period. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America in the second quarter valued at approximately $115,000. Legacy Advisors LLC bought a new stake in shares of Bank of America in the third quarter valued at approximately $115,000. HWG Holdings LP bought a new stake in shares of Bank of America in the third quarter valued at approximately $116,000. Finally, Bristlecone Advisors LLC bought a new stake in shares of Bank of America in the third quarter valued at approximately $128,000. 68.67% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on BAC shares. Vetr upgraded Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price target for the company in a research note on Tuesday, November 7th. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods upped their target price on Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday, December 14th. Wells Fargo & Co set a $35.00 target price on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, Credit Suisse Group upgraded Bank of America to an “outperform” rating and upped their target price for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company. Bank of America currently has an average rating of “Buy” and a consensus price target of $30.21.
Bank of America Corp (BAC) opened at $32.03 on Friday. Bank of America Corp has a 12 month low of $22.07 and a 12 month high of $32.67. The company has a market capitalization of $329,500.00, a price-to-earnings ratio of 17.70, a PEG ratio of 1.62 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 quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating 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 company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. During the same period in the prior year, the company earned $0.40 EPS. Bank of America’s revenue was up 3.5% compared to the same quarter last year. sell-side analysts predict that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
Bank of America declared that its Board of Directors has approved a share buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s payout ratio is 26.52%.
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Bank of America 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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