Payden & Rygel purchased a new stake in Bank of America Corp (NYSE:BAC) during the 3rd quarter, HoldingsChannel reports. The firm purchased 561,300 shares of the financial services provider’s stock, valued at approximately $14,223,000.
Several other hedge funds have also added to or reduced their stakes in BAC. Janus Henderson Group PLC grew its position in shares of Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after purchasing an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Bank of America by 27.8% during the second 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 buying an additional 9,612,342 shares during the period. Vanguard Group Inc. lifted its stake in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares during the period. Parametric Portfolio Associates LLC lifted its stake in shares of Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after buying an additional 8,261,288 shares during the period. Finally, Investec Asset Management LTD lifted its stake in shares of Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after buying an additional 7,231,615 shares during the period. Institutional investors and hedge funds own 69.34% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $31.20 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market cap of $311,293.69, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 1.54 and a beta of 1.41. Bank of America Corp has a one year low of $22.07 and a one year high of $32.67.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is currently 30.97%.
Bank of America declared that its board has authorized a share buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
BAC has been the topic of several recent analyst reports. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective on the stock in a research note on Monday, October 16th. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. Wells Fargo & Co set a $35.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research note on Wednesday, December 20th. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and upped their price objective for the company from $32.00 to $35.00 in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned 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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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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