Colony Group LLC lifted its position in Bank of America Corp (NYSE:BAC) by 166.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,372 shares of the financial services provider’s stock after acquiring an additional 18,989 shares during the quarter. Colony Group LLC’s holdings in Bank of America were worth $737,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Peddock Capital Advisors LLC raised its stake in Bank of America by 2.9% during the 1st quarter. Peddock Capital Advisors LLC now owns 59,130 shares of the financial services provider’s stock valued at $1,395,000 after acquiring an additional 1,694 shares in the last quarter. CI Investments Inc. raised its stake in Bank of America by 13.1% during the 1st quarter. CI Investments Inc. now owns 6,523,837 shares of the financial services provider’s stock valued at $153,897,000 after acquiring an additional 756,738 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Bank of America by 28.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 743,649 shares of the financial services provider’s stock valued at $17,543,000 after acquiring an additional 164,379 shares in the last quarter. Mraz Amerine & Associates Inc. raised its stake in Bank of America by 0.8% during the 1st quarter. Mraz Amerine & Associates Inc. now owns 25,412 shares of the financial services provider’s stock valued at $593,000 after acquiring an additional 210 shares in the last quarter. Finally, Caldwell & Orkin Inc. raised its stake in shares of Bank of America by 55.9% in the 1st quarter. Caldwell & Orkin Inc. now owns 126,465 shares of the financial services provider’s stock worth $2,983,000 after buying an additional 45,365 shares in the last quarter. Institutional investors own 68.56% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $29.32 on Wednesday. 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 52 week low of $21.77 and a 52 week high of $29.50. The company has a market capitalization of $301,861.88, a PE ratio of 16.54, a price-to-earnings-growth ratio of 2.00 and a beta of 1.31.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. equities research analysts forecast that Bank of America Corp will post 1.81 EPS for the current fiscal year.
Bank of America declared that its board has authorized a stock repurchase 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 often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.64%. Bank of America’s dividend payout ratio is presently 27.43%.
A number of research firms have recently commented on BAC. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley reissued an “overweight” rating and issued a $30.00 price objective (up previously from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Vetr downgraded Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price objective on the stock. in a research note on Monday, November 6th. J P Morgan Chase & Co boosted their price objective on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Finally, BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $26.32.
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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