Charter Research & Investment Group Inc. Has $3.40 Million Stake in Bank of America Corporation $BAC

Charter Research & Investment Group Inc. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 3.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 71,884 shares of the financial services provider’s stock after selling 2,200 shares during the quarter. Bank of America comprises approximately 2.5% of Charter Research & Investment Group Inc.’s portfolio, making the stock its 11th largest holding. Charter Research & Investment Group Inc.’s holdings in Bank of America were worth $3,402,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BAC. Deutsche Bank AG grew its holdings in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Unisphere Establishment boosted its position in Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock valued at $175,057,000 after purchasing an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Bank of America in the second quarter valued at about $164,623,000. Maverick Capital Ltd. acquired a new position in Bank of America in the 1st quarter worth about $152,098,000. Finally, AMF Tjanstepension AB raised its stake in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after purchasing an additional 3,438,876 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BAC. Wells Fargo & Company boosted their price target on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $58.00 target price (up from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Phillip Securities upped their price objective on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Finally, Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Stock Performance

Shares of BAC opened at $54.03 on Thursday. The company has a market capitalization of $394.57 billion, a PE ratio of 14.72, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.69. The company’s fifty day moving average price is $51.52 and its 200 day moving average price is $47.87.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.81 earnings per share. As a group, analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Bank of America announced that its Board of Directors has initiated a stock repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.