YorkBridge Wealth Partners LLC Purchases 5,689 Shares of Bank of America Corporation (BAC)

YorkBridge Wealth Partners LLC boosted its position in shares of Bank of America Corporation (NYSE:BAC) by 31.5% during the first quarter, Holdings Channel reports. The institutional investor owned 23,764 shares of the financial services provider’s stock after buying an additional 5,689 shares during the period. YorkBridge Wealth Partners LLC’s holdings in Bank of America Corporation were worth $559,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in BAC. Dodge & Cox purchased a new stake in shares of Bank of America Corporation during the fourth quarter worth about $4,159,570,000. Norges Bank purchased a new stake in shares of Bank of America Corporation during the fourth quarter worth about $2,256,221,000. UBS Asset Management Americas Inc. raised its stake in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock worth $933,718,000 after buying an additional 8,595,423 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Bank of America Corporation by 375.3% in the fourth quarter. AQR Capital Management LLC now owns 6,978,915 shares of the financial services provider’s stock worth $154,234,000 after buying an additional 5,510,536 shares in the last quarter. Finally, Westwood Holdings Group Inc. raised its stake in shares of Bank of America Corporation by 87.2% in the fourth quarter. Westwood Holdings Group Inc. now owns 10,565,503 shares of the financial services provider’s stock worth $233,498,000 after buying an additional 4,920,814 shares in the last quarter. 66.27% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Corporation (BAC) opened at 24.03 on Monday. The stock’s 50 day moving average price is $23.97 and its 200-day moving average price is $23.66. The firm has a market cap of $252.71 billion, a PE ratio of 14.24 and a beta of 1.27. Bank of America Corporation has a 12-month low of $14.09 and a 12-month high of $25.80.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.

Bank of America Corporation declared that its board has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.

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BAC has been the topic of a number of recent research reports. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Wednesday, April 19th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Bank of America Corporation in a research report on Wednesday, May 3rd. Vetr lowered Bank of America Corporation from a “strong-buy” rating to a “buy” rating and set a $26.28 price target on the stock. in a research report on Tuesday, May 2nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a research report on Friday, May 5th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $28.00 price target (up previously from $26.00) on shares of Bank of America Corporation in a research report on Saturday, April 22nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $23.74.

Bank of America Corporation 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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