Victory Capital Management Inc. reduced its stake in Bank of America Corp (NYSE:BAC) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,330,254 shares of the financial services provider’s stock after selling 70,840 shares during the period. Victory Capital Management Inc.’s holdings in Bank of America were worth $39,269,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. TCI Wealth Advisors Inc. grew its holdings 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 worth $349,000 after purchasing an additional 54 shares during the period. Altavista Wealth Management Inc. grew its holdings 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 worth $247,000 after purchasing an additional 68 shares during the period. Gerber Kawasaki Wealth & Investment Management grew its holdings 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 worth $278,000 after purchasing an additional 98 shares during the period. Carnegie Capital Asset Management LLC grew its holdings 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 worth $648,000 after purchasing an additional 104 shares during the period. Finally, GSB Wealth Management LLC grew its holdings 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 worth $799,000 after purchasing an additional 105 shares during the period. 69.92% of the stock is owned by institutional investors.
BAC has been the topic of a number of recent research reports. Morgan Stanley restated an “overweight” rating and issued a $30.00 price objective (up previously from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a report on Thursday, December 14th. Wells Fargo & Co set a $35.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a report on Wednesday, December 20th. Finally, Barclays increased their price target on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $30.35.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 earnings per share. equities analysts expect that Bank of America Corp will post 2.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a dividend of $0.12 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.48%. Bank of America’s dividend payout ratio (DPR) is 30.97%.
Bank of America declared that its Board of Directors has authorized a share buyback plan 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 plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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