Nicholas Hoffman & Company LLC. raised its holdings in Bank of America (NYSE:BAC) by 21.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 40,600 shares of the financial services provider’s stock after buying an additional 7,277 shares during the period. Nicholas Hoffman & Company LLC.’s holdings in Bank of America were worth $1,199,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. 1ST Source Bank increased its stake in shares of Bank of America by 4.8% during the 3rd quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after purchasing an additional 3,690 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Bank of America by 1.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock worth $172,469,000 after purchasing an additional 128,510 shares during the last quarter. Personal Capital Advisors Corp acquired a new position in shares of Bank of America during the 3rd quarter worth about $311,000. Bronfman E.L. Rothschild L.P. increased its stake in shares of Bank of America by 7.5% during the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock worth $1,639,000 after purchasing an additional 4,537 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Bank of America by 75.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,401,094 shares of the financial services provider’s stock worth $35,504,000 after purchasing an additional 601,675 shares during the last quarter. Hedge funds and other institutional investors own 69.84% of the company’s stock.
NYSE BAC opened at $29.63 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $310,588.69, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 1.53 and a beta of 1.37. Bank of America has a 12-month low of $22.07 and a 12-month high of $33.05.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 EPS. research analysts forecast that Bank of America will post 2.48 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s dividend payout ratio is currently 26.23%.
BAC has been the topic of several recent analyst reports. Instinet lowered their price objective on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets boosted their price objective on shares of Bank of America to $34.00 and gave the stock an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. Royal Bank of Canada restated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Vining Sparks restated a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research note on Wednesday, January 17th. Finally, Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price for the company. in a report on Wednesday, January 10th. Nine analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $30.97.
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Bank of America Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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