International Value Advisers LLC trimmed its stake in shares of Bank of America (NYSE:BAC) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,761,474 shares of the financial services provider’s stock after selling 70,279 shares during the period. Bank of America comprises about 5.7% of International Value Advisers LLC’s portfolio, making the stock its 6th largest position. International Value Advisers LLC’s holdings in Bank of America were worth $199,599,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently modified their holdings of the company. Burt Wealth Advisors raised its holdings 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 worth $112,000 after acquiring an additional 4,294 shares during the period. Legacy Advisors LLC acquired a new stake in shares of Bank of America during the third quarter worth $115,000. HWG Holdings LP acquired a new stake in shares of Bank of America during the third quarter worth $116,000. Gradient Investments LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $150,000. Finally, Taylor Hoffman Wealth Management acquired a new stake in shares of Bank of America during the fourth quarter worth $151,000. Institutional investors and hedge funds own 69.93% of the company’s stock.
A number of equities research analysts recently commented on the stock. Vetr lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price objective on the stock. in a report on Monday, March 12th. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Morgan Stanley raised their price objective 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. Credit Suisse Group raised their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. Finally, Royal Bank of Canada raised their target price on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $32.13.
Shares of BAC opened at $30.19 on Wednesday. Bank of America has a one year low of $22.07 and a one year high of $33.05. The stock has a market capitalization of $309,974.06, a PE ratio of 16.50, a PEG ratio of 1.49 and a beta of 1.37. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The company had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.04 billion. During the same quarter last year, the firm posted $0.41 EPS. The company’s quarterly revenue was up 4.1% on a year-over-year basis. research analysts forecast that Bank of America will post 2.54 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.
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About Bank of America
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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