Bank of America Corp (BAC) Shares Bought by Synovus Financial Corp

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Synovus Financial Corp lifted its holdings in shares of Bank of America Corp (NYSE:BAC) by 5.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 673,347 shares of the financial services provider’s stock after purchasing an additional 32,629 shares during the period. Synovus Financial Corp’s holdings in Bank of America were worth $16,579,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Abbot Financial Management Inc. raised its stake in Bank of America by 0.3% during the 4th quarter. Abbot Financial Management Inc. now owns 126,174 shares of the financial services provider’s stock worth $3,109,000 after buying an additional 356 shares during the period. Rational Advisors LLC raised its stake in Bank of America by 439.0% during the 4th quarter. Rational Advisors LLC now owns 98,807 shares of the financial services provider’s stock worth $2,435,000 after buying an additional 80,475 shares during the period. Buffington Mohr McNeal raised its stake in Bank of America by 45.7% during the 4th quarter. Buffington Mohr McNeal now owns 27,425 shares of the financial services provider’s stock worth $676,000 after buying an additional 8,600 shares during the period. Check Capital Management Inc. CA raised its stake in Bank of America by 6.3% during the 4th quarter. Check Capital Management Inc. CA now owns 11,394 shares of the financial services provider’s stock worth $281,000 after buying an additional 678 shares during the period. Finally, Weatherstone Capital Management raised its stake in Bank of America by 122.1% during the 4th quarter. Weatherstone Capital Management now owns 35,661 shares of the financial services provider’s stock worth $1,051,000 after buying an additional 19,605 shares during the period. Institutional investors own 64.22% of the company’s stock.

BAC has been the topic of a number of research reports. Jefferies Financial Group upped their price target on Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, January 18th. Wells Fargo & Co set a $36.00 price target on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, January 16th. Edward Jones raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Tuesday, January 8th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Monday, January 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $33.18.

Shares of Bank of America stock opened at $29.30 on Friday. The company has a market capitalization of $300.14 billion, a PE ratio of 11.23, a P/E/G ratio of 1.27 and a beta of 1.49. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $32.57. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm had revenue of $22.89 billion during the quarter, compared to the consensus estimate of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.48 earnings per share. On average, equities research analysts predict that Bank of America Corp will post 2.84 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

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About Bank of America

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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