Annex Advisory Services LLC purchased a new position in shares of Bank of America Corp (NYSE:BAC) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 47,457 shares of the financial services provider’s stock, valued at approximately $1,203,000.
Other institutional investors have also added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Bank of America in the second quarter worth $1,017,000. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the second quarter worth $100,000. Chicago Partners Investment Group LLC increased its position in shares of Bank of America by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Bank of America during the 2nd quarter valued at $115,000. Finally, Legacy Advisors LLC acquired a new stake in Bank of America during the 3rd quarter valued at $115,000. 68.42% of the stock is owned by institutional investors.
Bank of America Corp (NYSE:BAC) opened at $30.33 on Friday. The firm has a market cap of $316,360.00, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corp has a fifty-two week low of $22.01 and a fifty-two week high of $30.44.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the firm posted $0.41 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. sell-side analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
Bank of America declared that its board has initiated a share buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.58%. Bank of America’s payout ratio is currently 27.91%.
BAC has been the subject of a number of recent analyst reports. Instinet lowered their price target on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a report on Monday, October 16th. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a report on Friday, October 13th. Nomura raised their price target on shares of Bank of America from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, October 16th. Finally, BidaskClub lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $27.50.
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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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