Stoneridge Investment Partners LLC grew its position in shares of Bank of America Corp (NYSE:BAC) by 6.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 501,921 shares of the financial services provider’s stock after buying an additional 32,577 shares during the quarter. Bank of America accounts for 2.4% of Stoneridge Investment Partners LLC’s investment portfolio, making the stock its 3rd largest holding. Stoneridge Investment Partners LLC’s holdings in Bank of America were worth $14,817,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Jacobi Capital Management LLC grew its stake in shares of Bank of America by 63.4% during the 4th quarter. Jacobi Capital Management LLC now owns 13,558 shares of the financial services provider’s stock worth $408,000 after purchasing an additional 5,261 shares during the period. Palladium Partners LLC grew its stake in shares of Bank of America by 1.2% during the 4th quarter. Palladium Partners LLC now owns 156,318 shares of the financial services provider’s stock worth $4,614,000 after purchasing an additional 1,806 shares during the period. Bank of The Ozarks grew its stake in shares of Bank of America by 11.3% during the 4th quarter. Bank of The Ozarks now owns 87,635 shares of the financial services provider’s stock worth $2,587,000 after purchasing an additional 8,867 shares during the period. Bourgeon Capital Management LLC grew its stake in shares of Bank of America by 836.5% during the 4th quarter. Bourgeon Capital Management LLC now owns 142,110 shares of the financial services provider’s stock worth $4,195,000 after purchasing an additional 126,936 shares during the period. Finally, MUFG Securities EMEA plc acquired a new position in shares of Bank of America during the 4th quarter worth $14,465,000. Institutional investors own 69.83% of the company’s stock.
A number of research firms have recently weighed in on BAC. BMO Capital Markets upped their price target on shares of Bank of America to $34.00 and gave the stock an “average” rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine cut shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Vetr cut shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target on the stock. in a research note on Wednesday, January 10th. Vining Sparks reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research note on Wednesday, January 17th. Finally, Morgan Stanley increased their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Ten research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $30.89.
Shares of Bank of America Corp (NYSE:BAC) opened at $31.98 on Tuesday. Bank of America Corp has a 12 month low of $22.07 and a 12 month high of $33.05. The stock has a market cap of $329,539.50, a PE ratio of 20.63, a price-to-earnings-growth ratio of 1.63 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same period last year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. sell-side analysts predict that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
Bank of America announced that its board has initiated a stock buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. Bank of America’s dividend payout ratio is currently 30.97%.
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About Bank of America
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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