Smead Capital Management Inc. trimmed its holdings in Bank of America Corp (NYSE:BAC) by 1.8% in the third quarter, Holdings Channel reports. The fund owned 4,475,916 shares of the financial services provider’s stock after selling 81,404 shares during the period. Bank of America makes up 5.4% of Smead Capital Management Inc.’s investment portfolio, making the stock its 6th biggest position. Smead Capital Management Inc.’s holdings in Bank of America were worth $113,420,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Archon Partners LLC bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $7,980,000. Jarislowsky Fraser Ltd bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $862,000. Cliftonlarsonallen Wealth Advisors LLC lifted its holdings in shares of Bank of America by 4.0% in the 3rd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 82,110 shares of the financial services provider’s stock worth $2,081,000 after acquiring an additional 3,183 shares during the last quarter. R. G. Niederhoffer Capital Management Inc. bought a new stake in shares of Bank of America in the 3rd quarter worth approximately $304,000. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its holdings in shares of Bank of America by 4.8% in the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 1,207,972 shares of the financial services provider’s stock worth $30,838,000 after acquiring an additional 55,280 shares during the last quarter. Hedge funds and other institutional investors own 68.43% of the company’s stock.
Bank of America Corp (BAC) opened at $31.19 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market cap of $325,330.00, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America Corp has a 1 year low of $22.01 and a 1 year high of $31.20.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. equities research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
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 dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is currently 27.91%.
Bank of America declared that its Board of Directors has initiated a share buyback 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 generally an indication that the company’s management believes its shares are undervalued.
BAC has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Instinet lowered their price target on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets reiterated a “hold” rating and set a $31.00 price target on shares of Bank of America in a report on Monday, January 8th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $29.14.
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.
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.