Cape Cod Five Cents Savings Bank lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 18.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,932 shares of the financial services provider’s stock after selling 5,512 shares during the quarter. Cape Cod Five Cents Savings Bank’s holdings in Bank of America were worth $606,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. TIAA FSB bought a new position in Bank of America in the 2nd quarter valued at $2,400,000. Lbmc Investment Advisors LLC raised its position in Bank of America by 0.3% in the 2nd 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. Sanders Capital LLC raised its position in Bank of America by 3.0% in the 3rd quarter. Sanders Capital LLC now owns 29,888,232 shares of the financial services provider’s stock valued at $831,538,000 after purchasing an additional 865,200 shares during the last quarter. Beaton Management Co. Inc. bought a new position in Bank of America in the 2nd quarter valued at $2,081,000. Finally, Stephens Inc. AR raised its position in Bank of America by 1.1% in the 2nd 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. Institutional investors and hedge funds own 68.42% of the company’s stock.
Shares of Bank of America Corp (BAC) opened at $30.19 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52 week low of $22.01 and a 52 week high of $30.44. The company has a market capitalization of $314,900.00, a price-to-earnings ratio of 17.55, a P/E/G ratio of 1.74 and a beta of 1.32.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS 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 business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the firm earned $0.41 earnings per share. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. analysts anticipate that Bank of America Corp will post 1.79 EPS for the current year.
Bank of America announced that its Board of Directors has approved a share repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
Several brokerages have issued reports on BAC. Credit Suisse Group upgraded Bank of America to an “outperform” rating and lifted their price objective for the company from $32.00 to $35.00 in a research report on Thursday. BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a research report on Monday, October 16th. UBS Group set a $27.00 price objective on Bank of America and gave the company a “hold” rating in a research report on Monday, October 16th. Finally, Robert W. Baird reiterated a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a research report on Sunday, October 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and three have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $27.50.
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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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