Heritage Trust Co increased its position in Bank of America Corp (NYSE:BAC) by 43.3% in the third quarter, HoldingsChannel.com reports. The firm owned 12,573 shares of the financial services provider’s stock after acquiring an additional 3,800 shares during the period. Heritage Trust Co’s holdings in Bank of America were worth $318,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in shares of Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Bank of America by 13.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after purchasing an additional 4,801,300 shares in the last quarter. Hedge funds and other institutional investors own 69.34% of the company’s stock.
Shares of Bank of America Corp (NYSE BAC) opened at $30.26 on Tuesday. Bank of America Corp has a 12 month low of $22.07 and a 12 month high of $32.67. The stock has a market capitalization of $328,679.25, a P/E ratio of 19.52, a PEG ratio of 1.62 and a beta of 1.41. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same quarter in the prior year, the business posted $0.40 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. research analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd 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 1.59%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s payout ratio is presently 30.97%.
Bank of America declared that its board has authorized a share repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Several equities analysts have recently weighed in on BAC shares. Instinet cut their price objective on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets lifted their price objective on Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective on the stock in a report on Monday, October 16th. Oppenheimer reiterated a “buy” rating on shares of Bank of America in a report on Friday, October 13th. Finally, Nomura lifted their price objective on Bank of America from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and an average target price of $30.17.
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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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