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 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.
WARNING: This piece was posted by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this piece on another website, it was illegally stolen and reposted in violation of United States & international trademark & copyright law. The legal version of this piece can be accessed at https://sportsperspectives.com/2018/02/09/beacon-investment-advisory-services-inc-takes-position-in-bank-of-america-corp-bac.html.
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.
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.