Chicago Equity Partners LLC trimmed its holdings in shares of Bank of America Corp (NYSE:BAC) by 5.4% in the fourth quarter, Holdings Channel reports. The firm owned 1,317,725 shares of the financial services provider’s stock after selling 75,615 shares during the period. Bank of America comprises 1.2% of Chicago Equity Partners LLC’s investment portfolio, making the stock its 7th largest holding. Chicago Equity Partners LLC’s holdings in Bank of America were worth $38,899,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. boosted 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 valued at $16,047,853,000 after acquiring an additional 9,117,007 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after acquiring an additional 1,079,788 shares during the period. Legal & General Group Plc boosted its holdings in Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after acquiring an additional 379,854 shares during the period. The Manufacturers Life Insurance Company boosted 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 valued at $1,070,762,000 after acquiring an additional 9,612,342 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Bank of America by 13.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after acquiring an additional 4,801,300 shares during the period. 68.83% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on the company. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Royal Bank of Canada raised their target price on Bank of America to $35.00 and gave the company an “outperform” rating in a report on Thursday, January 18th. Barclays raised their target price on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Morgan Stanley raised their target price on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Finally, Societe Generale cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus price target of $30.35.
Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 earnings per share. analysts forecast that Bank of America Corp will post 2.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s payout ratio is 27.59%.
Bank of America announced that its board 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 reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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Bank of America Company 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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