Deprince Race & Zollo Inc. bought a new position in shares of Bank of America Corp (NYSE:BAC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 15,000 shares of the financial services provider’s stock, valued at approximately $380,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. Janus Henderson Group PLC lifted its stake in Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after acquiring an additional 11,619,173 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after acquiring an additional 9,612,342 shares during the period. Vanguard Group Inc. lifted its stake in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after acquiring an additional 9,117,007 shares during the period. Parametric Portfolio Associates LLC lifted its stake in shares of Bank of America by 52.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares during the period. Finally, Investec Asset Management LTD lifted its stake in shares of Bank of America by 68.6% in the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares during the period. Institutional investors and hedge funds own 68.46% of the company’s stock.
BAC has been the subject of several analyst reports. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Deutsche Bank reiterated a “hold” rating and issued a $25.00 target price (up from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Robert W. Baird reiterated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research note on Sunday, October 1st. Vetr cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $25.08 target price for the company. in a research note on Wednesday, October 4th. Finally, Citigroup reiterated a “neutral” rating and issued a $27.00 target price (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Bank of America presently has an average rating of “Buy” and a consensus price target of $29.14.
Shares of Bank of America Corp (BAC) opened at $31.19 on Tuesday. Bank of America Corp has a 1-year low of $22.01 and a 1-year high of $31.20. The stock has a market cap of $325,330.00, a price-to-earnings ratio of 18.13, a PEG ratio of 1.70 and a beta of 1.32. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91.
Bank of America (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. equities research analysts forecast that Bank of America Corp will post 1.79 EPS for the current fiscal year.
Bank of America announced that its board has initiated a share 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 reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.
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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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