Cibc World Markets Corp increased its stake in Bank of America Corp (NYSE:BAC) by 14.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,406,278 shares of the financial services provider’s stock after buying an additional 173,313 shares during the quarter. Cibc World Markets Corp’s holdings in Bank of America were worth $34,116,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Suntrust Banks Inc. lifted its position in Bank of America by 7.8% in the second quarter. Suntrust Banks Inc. now owns 3,793,886 shares of the financial services provider’s stock worth $92,038,000 after buying an additional 274,275 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co lifted its position in shares of Bank of America by 33.2% during the second quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 28,983 shares of the financial services provider’s stock worth $703,000 after purchasing an additional 7,225 shares during the last quarter. Wall Street Access Asset Management LLC lifted its position in shares of Bank of America by 4.2% during the second quarter. Wall Street Access Asset Management LLC now owns 49,178 shares of the financial services provider’s stock worth $1,193,000 after purchasing an additional 2,000 shares during the last quarter. GQG Partners LLC lifted its position in shares of Bank of America by 722.2% during the second quarter. GQG Partners LLC now owns 1,485,802 shares of the financial services provider’s stock worth $36,046,000 after purchasing an additional 1,305,100 shares during the last quarter. Finally, Old West Investment Management LLC lifted its position in shares of Bank of America by 77.5% during the second quarter. Old West Investment Management LLC now owns 124,872 shares of the financial services provider’s stock worth $3,029,000 after purchasing an additional 54,531 shares during the last quarter. Institutional investors own 68.28% of the company’s stock.
Shares of Bank of America Corp (NYSE:BAC) opened at $28.64 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $301,757.56, a PE ratio of 16.53, a price-to-earnings-growth ratio of 2.00 and a beta of 1.31. Bank of America Corp has a twelve month low of $21.77 and a twelve month high of $29.31.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during 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 quarter last year, the company earned $0.41 earnings per share. sell-side analysts forecast that Bank of America Corp will post 1.81 EPS for the current year.
Bank of America announced that its board has approved a share buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors 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 dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is 27.43%.
Several research firms have recently weighed in on BAC. Morgan Stanley reiterated an “overweight” rating and set a $30.00 target price (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. BidaskClub downgraded Bank of America from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. Vetr upgraded Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 target price for the company in a research report on Tuesday, November 7th. J P Morgan Chase & Co lifted their target price on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Finally, UBS set a $27.00 target price on Bank of America and gave the stock a “hold” rating in a research report on Monday, October 16th. 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 given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $26.25.
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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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