Redwood Capital Management LLC trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 14.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,287,400 shares of the financial services provider’s stock after selling 210,000 shares during the period. Bank of America comprises approximately 3.4% of Redwood Capital Management LLC’s portfolio, making the stock its 7th biggest holding. Redwood Capital Management LLC’s holdings in Bank of America were worth $31,232,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in BAC. M Holdings Securities Inc. grew its position in shares of Bank of America by 72.9% in the first quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after purchasing an additional 40,069 shares during the last quarter. Lbmc Investment Advisors LLC grew its position in shares of Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares during the last quarter. Stephens Inc. AR grew its position in shares of Bank of America by 1.1% in the second quarter. Stephens Inc. AR now owns 846,608 shares of the financial services provider’s stock valued at $20,539,000 after purchasing an additional 8,956 shares during the last quarter. YHB Investment Advisors Inc. grew its position in shares of Bank of America by 17.2% in the second quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after purchasing an additional 23,729 shares during the last quarter. Finally, Synovus Financial Corp grew its position in shares of Bank of America by 11.7% in the second quarter. Synovus Financial Corp now owns 594,179 shares of the financial services provider’s stock valued at $14,416,000 after purchasing an additional 62,064 shares during the last quarter. Institutional investors and hedge funds own 68.56% of the company’s stock.
Shares of Bank of America Corp (NYSE BAC) opened at $29.05 on Monday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $303,009.22, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 2.01 and a beta of 1.31. Bank of America Corp has a 1-year low of $21.77 and a 1-year high of $29.31.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 earnings per share. equities research analysts predict that Bank of America Corp will post 1.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.
Bank of America announced that its board has authorized a share repurchase plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
Several equities research analysts have recently issued reports on BAC shares. Vetr raised Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target on the stock in a research report on Monday, October 16th. Deutsche Bank reaffirmed a “hold” rating and issued a $25.00 price target (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Royal Bank Of Canada raised their price target on Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Monday, October 16th. Finally, Robert W. Baird reissued a “hold” rating and set a $24.00 target price on shares of Bank of America in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $26.32.
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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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