Prudential Financial Inc. grew its stake in shares of Bank of America Corp (NYSE:BAC) by 5.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 29,027,223 shares of the financial services provider’s stock after purchasing an additional 1,417,290 shares during the period. Bank of America comprises approximately 1.1% of Prudential Financial Inc.’s portfolio, making the stock its 8th biggest position. Prudential Financial Inc.’s holdings in Bank of America were worth $735,550,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Janus Henderson Group PLC increased its holdings in Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. increased its holdings in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD increased its holdings in Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. 69.28% of the stock is owned by hedge funds and other institutional investors.
Bank of America Corp (BAC) opened at $31.18 on Wednesday. Bank of America Corp has a 12 month low of $22.07 and a 12 month high of $32.67. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $320,140.78, a P/E ratio of 20.12, a P/E/G ratio of 1.58 and a beta of 1.41.
Bank of America declared that its board has approved a stock repurchase plan 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 plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.54%. Bank of America’s payout ratio is 30.97%.
A number of analysts have commented on BAC shares. BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. JPMorgan Chase & Co. upped their target price on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $26.67 target price for the company. in a report on Monday, November 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $30.00 target price (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 target price on shares of Bank of America in a report on Friday, December 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the stock. Bank of America has a consensus rating of “Buy” and an average target price of $29.99.
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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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