Locust Wood Capital Advisers LLC lifted its position in Bank of America Corp (NYSE:BAC) by 30.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 682,509 shares of the financial services provider’s stock after buying an additional 160,029 shares during the quarter. Bank of America comprises 1.6% of Locust Wood Capital Advisers LLC’s investment portfolio, making the stock its 24th largest holding. Locust Wood Capital Advisers LLC’s holdings in Bank of America were worth $17,295,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new stake in Bank of America in the 2nd quarter worth approximately $100,000. Chicago Partners Investment Group LLC lifted its holdings in Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Bank of America in the 2nd quarter worth approximately $115,000. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in Bank of America by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 1,850 shares during the last quarter. Finally, Lenox Wealth Advisors Inc. acquired a new stake in Bank of America in the 2nd quarter worth approximately $144,000. 68.56% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on BAC shares. Oppenheimer restated a “buy” rating on shares of Bank of America in a report on Friday, October 13th. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a report on Monday, October 16th. Nomura boosted their target price on Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, October 16th. BidaskClub lowered Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $26.55.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. Bank of America’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 earnings per share. analysts predict that Bank of America Corp will post 1.8 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is presently 27.43%.
Bank of America announced that its board has initiated a share repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
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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