Fishman Jay A Ltd. MI boosted its position in Bank of America Corp (NYSE:BAC) by 20.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 135,521 shares of the financial services provider’s stock after buying an additional 23,150 shares during the period. Bank of America makes up approximately 0.8% of Fishman Jay A Ltd. MI’s investment portfolio, making the stock its 29th largest holding. Fishman Jay A Ltd. MI’s holdings in Bank of America were worth $4,001,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Boston Financial Mangement LLC boosted its position in Bank of America by 6.1% in the fourth quarter. Boston Financial Mangement LLC now owns 584,055 shares of the financial services provider’s stock valued at $17,241,000 after buying an additional 33,530 shares during the last quarter. Clarus Wealth Advisors purchased a new stake in Bank of America in the fourth quarter valued at approximately $220,000. Grimes & Company Inc. boosted its position in Bank of America by 3.5% in the fourth quarter. Grimes & Company Inc. now owns 52,142 shares of the financial services provider’s stock valued at $1,539,000 after buying an additional 1,740 shares during the last quarter. Asset Management Advisors LLC boosted its position in Bank of America by 2.7% in the fourth quarter. Asset Management Advisors LLC now owns 177,550 shares of the financial services provider’s stock valued at $5,241,000 after buying an additional 4,600 shares during the last quarter. Finally, Maltese Capital Management LLC boosted its position in Bank of America by 10.4% in the fourth quarter. Maltese Capital Management LLC now owns 955,000 shares of the financial services provider’s stock valued at $28,192,000 after buying an additional 89,600 shares during the last quarter. Hedge funds and other institutional investors own 69.83% of the company’s stock.
BAC stock opened at $31.98 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $327,593.22, a P/E ratio of 20.63, a PEG ratio of 1.62 and a beta of 1.36. Bank of America Corp has a 52 week low of $22.07 and a 52 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 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 EPS. research analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend 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 30.97%.
Bank of America declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of brokerages recently commented on BAC. Credit Suisse Group upped their target price on Bank of America from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Friday, March 16th. Vetr downgraded Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price target for the company. in a report on Monday, March 12th. Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Morgan Stanley boosted their price target on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Finally, ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Ten investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Bank of America has a consensus rating of “Buy” and an average target price of $30.89.
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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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