Maltese Capital Management LLC boosted its holdings in Bank of America Corp (NYSE:BAC) by 10.4% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 955,000 shares of the financial services provider’s stock after buying an additional 89,600 shares during the period. Bank of America makes up about 2.1% of Maltese Capital Management LLC’s investment portfolio, making the stock its 5th largest position. Maltese Capital Management LLC’s holdings in Bank of America were worth $28,192,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Bank of America during the second quarter valued at approximately $1,017,000. Burt Wealth Advisors raised its stake in shares of Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the period. HWG Holdings LP purchased a new stake in shares of Bank of America during the third quarter valued at approximately $116,000. MPS Loria Financial Planners LLC purchased a new stake in shares of Bank of America during the second quarter valued at approximately $115,000. Finally, Legacy Advisors LLC purchased a new stake in shares of Bank of America during the third quarter valued at approximately $115,000. Institutional investors own 69.83% of the company’s stock.
A number of analysts have recently issued reports on BAC shares. Barclays lifted their price objective on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Instinet dropped their price objective on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. BMO Capital Markets reiterated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a research note on Monday, January 8th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Tuesday, January 2nd. Ten equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $30.89.
Bank of America Corp (NYSE BAC) opened at $31.98 on Tuesday. The company has a market cap of $329,539.50, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.63 and a beta of 1.36. 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 Corp has a 1-year low of $22.07 and a 1-year high of $33.05.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.40 earnings per share. equities analysts forecast that Bank of America Corp will post 2.46 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio is presently 30.97%.
Bank of America declared that its board has approved a share repurchase 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 usually an indication that the company’s board of directors believes its stock is 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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