Beacon Investment Advisory Services Inc. Takes Position in Bank of America Corp (BAC)

Beacon Investment Advisory Services Inc. bought a new position in Bank of America Corp (NYSE:BAC) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 11,932 shares of the financial services provider’s stock, valued at approximately $302,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Burt Wealth Advisors grew its stake in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares during the period. MPS Loria Financial Planners LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at $115,000. Legacy Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at $115,000. HWG Holdings LP purchased a new stake in shares of Bank of America during the 3rd quarter valued at $116,000. Finally, Bristlecone Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at $128,000. 69.34% of the stock is owned by hedge funds and other institutional investors.

Bank of America Corp (NYSE:BAC) opened at $29.74 on Friday. Bank of America Corp has a 1-year low of $22.07 and a 1-year high of $32.67. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $305,940.00, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 1.58 and a beta of 1.41.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the previous year, the business posted $0.40 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. equities analysts expect that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has approved a share repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be issued a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.61%. Bank of America’s dividend payout ratio is currently 31.17%.

Several research firms recently weighed in on BAC. Morgan Stanley lifted their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Vetr lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.49 target price on the stock. in a report on Friday, January 19th. Royal Bank of Canada lifted their target price on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. Finally, BMO Capital Markets lifted their target price on shares of Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the stock. Bank of America has a consensus rating of “Buy” and a consensus 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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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