Northstar Investment Advisors LLC bought a new position in Bank of America Corp (NYSE:BAC) in the 4th quarter, Holdings Channel reports. The institutional investor bought 9,600 shares of the financial services provider’s stock, valued at approximately $237,000.
A number of other institutional investors have also recently modified their holdings of BAC. CSat Investment Advisory L.P. purchased a new position in Bank of America in the second quarter worth about $103,000. Cardinal Capital Management Inc. purchased a new position in Bank of America in the third quarter worth about $106,000. Arlington Partners LLC purchased a new position in Bank of America in the third quarter worth about $118,000. Worth Venture Partners LLC purchased a new position in Bank of America in the third quarter worth about $166,000. Finally, Stelac Advisory Services LLC raised its holdings in Bank of America by 50.2% in the third quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock worth $169,000 after buying an additional 1,922 shares during the last quarter. 64.36% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on BAC shares. BMO Capital Markets boosted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a report on Tuesday, October 16th. Wolfe Research started coverage on shares of Bank of America in a report on Tuesday, September 25th. They set an “outperform” rating for the company. Robert W. Baird reissued a “hold” rating and set a $28.00 price objective on shares of Bank of America in a report on Wednesday, January 2nd. ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price objective for the company in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $33.51.
BAC opened at $26.03 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $33.05. The company has a market cap of $263.88 billion, a PE ratio of 14.22, a P/E/G ratio of 1.15 and a beta of 1.31.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period in the previous year, the company earned $0.48 earnings per share. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. As a group, research analysts predict that Bank of America Corp will post 2.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 28th. Shareholders of record on Friday, December 7th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.31%. Bank of America’s dividend payout ratio is currently 32.79%.
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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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