Engineers Gate Manager LP cut its stake in shares of Bank of America Corp (NYSE:BAC) by 44.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 29,972 shares of the financial services provider’s stock after selling 24,291 shares during the quarter. Engineers Gate Manager LP’s holdings in Bank of America were worth $885,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the stock. TCI Wealth Advisors Inc. grew its stake in Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 54 shares during the period. Altavista Wealth Management Inc. grew its stake in Bank of America by 0.7% in the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after acquiring an additional 68 shares during the period. Gerber Kawasaki Wealth & Investment Management grew its stake in Bank of America by 0.9% in the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 11,190 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 98 shares during the period. Carnegie Capital Asset Management LLC grew its stake in Bank of America by 0.4% in the second quarter. Carnegie Capital Asset Management LLC now owns 26,356 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 104 shares during the period. Finally, GSB Wealth Management LLC grew its stake in Bank of America by 0.3% in the second quarter. GSB Wealth Management LLC now owns 32,934 shares of the financial services provider’s stock valued at $799,000 after acquiring an additional 105 shares during the period. 69.92% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on BAC shares. Barclays boosted their target price on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Instinet decreased their target price on Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. BMO Capital Markets reissued a “hold” rating and issued a $31.00 target price on shares of Bank of America in a research note on Monday, January 8th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $30.35.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. Bank of America’s revenue was up 3.5% on a year-over-year basis. research analysts anticipate that Bank of America Corp will post 2.46 EPS for the current fiscal year.
Bank of America announced that its board has initiated a stock repurchase 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. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.46%. Bank of America’s payout ratio is presently 30.97%.
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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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