BB&T Corp raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 794,835 shares of the financial services provider’s stock after purchasing an additional 28,916 shares during the period. BB&T Corp’s holdings in Bank of America were worth $20,141,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Bank of America by 28.4% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 743,649 shares of the financial services provider’s stock valued at $17,543,000 after acquiring an additional 164,379 shares during the period. Mraz Amerine & Associates Inc. raised its position in shares of Bank of America by 0.8% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 25,412 shares of the financial services provider’s stock valued at $593,000 after acquiring an additional 210 shares during the period. Caldwell & Orkin Inc. raised its position in shares of Bank of America by 55.9% in the 1st quarter. Caldwell & Orkin Inc. now owns 126,465 shares of the financial services provider’s stock valued at $2,983,000 after acquiring an additional 45,365 shares during the period. Gerber Kawasaki Wealth & Investment Management acquired a new stake in shares of Bank of America in the 1st quarter valued at approximately $257,000. Finally, Scout Investments Inc. acquired a new stake in shares of Bank of America in the 1st quarter valued at approximately $178,000. Institutional investors own 68.42% of the company’s stock.
A number of analysts recently weighed in on BAC shares. J P Morgan Chase & Co increased their price target on shares of Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Vetr upgraded shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price target on the stock in a research report on Tuesday, November 7th. Robert W. Baird reiterated a “hold” rating and issued a $24.00 price target on shares of Bank of America in a research report on Friday, August 25th. Finally, UBS set a $27.00 target price on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, October 16th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $26.72.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business earned $0.41 EPS. equities research analysts predict that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.63%. Bank of America’s dividend payout ratio is currently 27.43%.
Bank of America declared that its Board of Directors has authorized a stock repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.
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About Bank of America
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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