Sheets Smith Wealth Management raised its holdings in Bank of America Corp (NYSE:BAC) by 28.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 65,097 shares of the financial services provider’s stock after acquiring an additional 14,225 shares during the quarter. Sheets Smith Wealth Management’s holdings in Bank of America were worth $1,922,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in Bank of America in the second quarter valued at about $1,017,000. Burt Wealth Advisors raised its stake in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares during the last quarter. HWG Holdings LP purchased a new stake in Bank of America in the third quarter valued at about $116,000. MPS Loria Financial Planners LLC purchased a new stake in Bank of America in the second quarter valued at about $115,000. Finally, Legacy Advisors LLC purchased a new stake in Bank of America in the third quarter valued at about $115,000. Institutional investors own 68.67% of the company’s stock.
Bank of America Corp (BAC) opened at $31.97 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $328,884.97, a P/E ratio of 17.57, a P/E/G ratio of 1.62 and a beta of 1.41. Bank of America Corp has a 12-month low of $22.07 and a 12-month high of $32.67.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the business earned $0.40 earnings per share. equities analysts predict that Bank of America Corp will post 2.46 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio is currently 30.97%.
Bank of America declared that its Board of Directors has authorized a stock repurchase 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 purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
A number of equities research analysts have commented on BAC shares. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. JPMorgan Chase & Co. raised 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. Vetr cut Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price objective for the company. in a research note on Monday, November 6th. Morgan Stanley restated an “overweight” rating and issued a $30.00 price objective (up from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $30.21.
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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