Cadence Bank NA lifted its holdings in shares of Bank of America Corp (NYSE:BAC) by 12.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,217 shares of the financial services provider’s stock after buying an additional 1,847 shares during the period. Cadence Bank NA’s holdings in Bank of America were worth $479,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Burt Wealth Advisors raised its stake 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 worth $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new position in shares of Bank of America during the 2nd quarter worth approximately $115,000. Legacy Advisors LLC purchased a new position in shares of Bank of America during the 3rd quarter worth approximately $115,000. HWG Holdings LP purchased a new position in shares of Bank of America during the 3rd quarter worth approximately $116,000. Finally, Bristlecone Advisors LLC purchased a new position in shares of Bank of America during the 3rd quarter worth approximately $128,000. 69.92% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on BAC. Credit Suisse Group increased their target price on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price target on the stock. in a report on Monday, March 12th. Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Morgan Stanley upped their price target on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Finally, ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Ten analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $30.89.
Shares of Bank of America Corp (NYSE BAC) opened at $32.17 on Friday. The company has a market capitalization of $330,720.00, a price-to-earnings ratio of 18.49, a price-to-earnings-growth ratio of 1.63 and a beta of 1.36. 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 $33.05.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $20.69 billion for 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%. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 EPS. equities research analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current year.
The business 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. This represents a $0.48 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Bank of America announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are 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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