Kiwi Wealth Investments Limited Partnership Has $17.48 Million Holdings in Bank of America Corp (BAC)

Kiwi Wealth Investments Limited Partnership lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 7.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 689,900 shares of the financial services provider’s stock after selling 52,586 shares during the quarter. Bank of America comprises about 2.1% of Kiwi Wealth Investments Limited Partnership’s investment portfolio, making the stock its 12th biggest position. Kiwi Wealth Investments Limited Partnership’s holdings in Bank of America were worth $17,482,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the business. Janus Henderson Group PLC boosted its holdings in shares of Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD boosted its holdings in shares of Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares during the last quarter. Hedge funds and other institutional investors own 68.46% of the company’s stock.

Bank of America Corp (NYSE:BAC) opened at $31.24 on Wednesday. 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 Corp has a 52-week low of $22.01 and a 52-week high of $31.79. The company has a market capitalization of $325,850.00, a PE ratio of 18.16, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the consensus estimate 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 company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the company posted $0.41 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. equities research analysts anticipate that Bank of America Corp will post 1.79 EPS for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase plan 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.

Several research firms have recently issued reports on BAC. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price on the stock. in a research report on Wednesday, January 10th. Robert W. Baird reaffirmed a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research report on Sunday, October 1st. Deutsche Bank reaffirmed a “hold” rating and issued a $25.00 target price (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Finally, BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Bank of America currently has an average rating of “Buy” and an average price target of $29.14.

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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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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