Redwood Capital Management LLC trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 14.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,287,400 shares of the financial services provider’s stock after selling 210,000 shares during the period. Bank of America accounts for 3.4% of Redwood Capital Management LLC’s investment portfolio, making the stock its 7th biggest holding. Redwood Capital Management LLC’s holdings in Bank of America were worth $31,232,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Bank of America during the 2nd quarter valued at $1,017,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $100,000. Chicago Partners Investment Group LLC grew its holdings in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 450 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. grew its holdings in shares of Bank of America by 47.1% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 1,850 shares in the last quarter. Finally, Lenox Wealth Advisors Inc. purchased a new position in shares of Bank of America during the 2nd quarter valued at $144,000. Hedge funds and other institutional investors own 68.42% of the company’s stock.
Several equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday. Barclays boosted their price target on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday. Wells Fargo & Co set a $35.00 price target on shares of Bank of America and gave the company a “buy” rating in a report on Wednesday, December 20th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Thursday, December 14th. Finally, Royal Bank of Canada restated a “buy” rating and set a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and three have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $27.14.
Shares of Bank of America Corp (NYSE BAC) traded up $0.38 on Tuesday, hitting $29.90. 56,984,200 shares of the stock were exchanged, compared to its average volume of 71,350,000. The firm has a market capitalization of $311,880.00, a price-to-earnings ratio of 17.38, a P/E/G ratio of 2.06 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a 1-year low of $21.95 and a 1-year high of $30.03.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. equities research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.91%.
Bank of America declared that its Board of Directors has approved a share buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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.
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.