Sentry Investment Management LLC increased its position in shares of Bank of America Corp (NYSE:BAC) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 793,893 shares of the financial services provider’s stock after purchasing an additional 8,349 shares during the quarter. Bank of America accounts for about 0.8% of Sentry Investment Management LLC’s investment portfolio, making the stock its 20th largest holding. Sentry Investment Management LLC’s holdings in Bank of America were worth $19,260,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in BAC. Peddock Capital Advisors LLC lifted its stake in Bank of America by 2.9% during the first quarter. Peddock Capital Advisors LLC now owns 59,130 shares of the financial services provider’s stock worth $1,395,000 after purchasing an additional 1,694 shares during the last quarter. CI Investments Inc. lifted its stake in Bank of America by 13.1% during the first quarter. CI Investments Inc. now owns 6,523,837 shares of the financial services provider’s stock worth $153,897,000 after purchasing an additional 756,738 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Bank of America by 28.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 743,649 shares of the financial services provider’s stock worth $17,543,000 after purchasing an additional 164,379 shares during the last quarter. Mraz Amerine & Associates Inc. lifted its stake in Bank of America by 0.8% during the first quarter. Mraz Amerine & Associates Inc. now owns 25,412 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 210 shares during the last quarter. Finally, Caldwell & Orkin Inc. lifted its stake in Bank of America by 55.9% during the first quarter. Caldwell & Orkin Inc. now owns 126,465 shares of the financial services provider’s stock worth $2,983,000 after purchasing an additional 45,365 shares during the last quarter. Hedge funds and other institutional investors own 68.56% of the company’s stock.
A number of equities research analysts have issued reports on the company. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price on the stock in a research note on Monday, October 16th. 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. Keefe, Bruyette & Woods raised their target price on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday. BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Finally, Royal Bank of Canada raised their target price on Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and a consensus price target of $26.55.
Bank of America Corp (NYSE BAC) opened at $28.73 on Friday. The firm has a market capitalization of $300,818.81, a PE ratio of 16.48, a P/E/G ratio of 2.00 and a beta of 1.31. Bank of America Corp has a 12 month low of $21.77 and a 12 month high of $29.50. 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 (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. Bank of America’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. analysts expect that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.67%. Bank of America’s dividend payout ratio is currently 27.43%.
Bank of America declared that its Board of Directors has authorized a share buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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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.
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