Aberdeen Asset Management PLC UK Buys 312,462 Shares of Bank of America Corp (BAC)

Aberdeen Asset Management PLC UK grew its position in Bank of America Corp (NYSE:BAC) by 5.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,001,426 shares of the financial services provider’s stock after acquiring an additional 312,462 shares during the quarter. Aberdeen Asset Management PLC UK owned 0.06% of Bank of America worth $145,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC purchased a new position in Bank of America during the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. lifted its holdings in shares of Bank of America by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares during the period. Chicago Partners Investment Group LLC lifted its holdings in shares of Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares during the period. Tarbox Family Office Inc. lifted its holdings in shares of Bank of America by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after buying an additional 21 shares during the period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in shares of Bank of America by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after buying an additional 1,850 shares during the period. 68.28% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have weighed in on BAC. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective for the company in a research note on Wednesday, August 30th. BMO Capital Markets restated a “market perform” rating and set a $29.00 price objective (up from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Wells Fargo & Company initiated coverage on Bank of America in a research note on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price objective for the company. Finally, Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $26.25.

Bank of America Corp (BAC) traded down $0.29 during trading on Wednesday, reaching $28.64. The company had a trading volume of 74,291,483 shares, compared to its average volume of 79,799,078. The firm has a market capitalization of $299,980.00, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 2.01 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 12-month low of $21.77 and a 12-month high of $29.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. Bank of America’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 earnings per share. sell-side analysts anticipate that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.68%. Bank of America’s dividend payout ratio is currently 27.91%.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is 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.

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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