Los Angeles Capital Management & Equity Research Inc. decreased its holdings in Bank of America Corp (NYSE:BAC) by 7.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,716,202 shares of the financial services provider’s stock after selling 227,395 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Bank of America were worth $80,182,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Claraphi Advisory Network LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $1,851,000. Quadrant Private Wealth Management LLC purchased a new position in Bank of America during the fourth quarter valued at approximately $948,000. Signature Estate & Investment Advisors LLC lifted its holdings in Bank of America by 2.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 702,633 shares of the financial services provider’s stock valued at $20,742,000 after purchasing an additional 16,137 shares in the last quarter. Sandy Spring Bank lifted its holdings in Bank of America by 7.7% during the fourth quarter. Sandy Spring Bank now owns 90,045 shares of the financial services provider’s stock valued at $2,659,000 after purchasing an additional 6,464 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its holdings in Bank of America by 4.8% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,870,529 shares of the financial services provider’s stock valued at $55,218,000 after purchasing an additional 86,295 shares in the last quarter. 69.83% of the stock is currently owned by institutional investors.
Shares of Bank of America stock opened at $32.17 on Monday. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $33.05. The firm has a market cap of $329,539.50, a price-to-earnings ratio of 20.75, a P/E/G ratio of 1.63 and a beta of 1.36. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90.
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 for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same quarter in the previous year, the business posted $0.40 earnings per share. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. analysts forecast that Bank of America Corp will post 2.46 EPS for the current fiscal year.
Bank of America declared that its board has authorized a share buyback plan 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 plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given 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 30.97%.
Several brokerages have weighed in on BAC. BMO Capital Markets lifted their price target on shares of Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price on the stock. in a report on Wednesday, January 10th. Vining Sparks reissued a “buy” rating and issued a $34.00 target price on shares of Bank of America in a report on Wednesday, January 17th. Finally, Morgan Stanley boosted their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Ten equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $30.89.
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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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