Seaward Management Limited Partnership lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,849,160 shares of the financial services provider’s stock after selling 30,788 shares during the quarter. Bank of America accounts for about 2.3% of Seaward Management Limited Partnership’s holdings, making the stock its 8th biggest holding. Seaward Management Limited Partnership’s holdings in Bank of America were worth $46,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently made changes to their positions in the company. Vantage Financial Partners Ltd. Inc. purchased a new position in Bank of America during the second quarter worth about $1,017,000. Northwest Investment Counselors LLC purchased a new position in Bank of America during the second quarter worth about $100,000. Chicago Partners Investment Group LLC boosted its stake in Bank of America by 11.0% during the second 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. MPS Loria Financial Planners LLC purchased a new position in shares of Bank of America in the second quarter valued at approximately $115,000. Finally, Legacy Advisors LLC purchased a new position in shares of Bank of America in the third quarter valued at approximately $115,000. 68.46% of the stock is owned by institutional investors.
Bank of America Corp (NYSE BAC) opened at $31.72 on Friday. Bank of America Corp has a 12 month low of $22.07 and a 12 month high of $31.79. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The stock has a market cap of $330,860.00, a P/E ratio of 20.60, a P/E/G ratio of 1.64 and a beta of 1.32.
Bank of America declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.51%. Bank of America’s dividend payout ratio is currently 31.17%.
Several research analysts have recently commented on the stock. Vetr lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price objective for the company. in a research note on Friday. Royal Bank of Canada raised their price objective on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research note on Thursday. BMO Capital Markets raised their price objective on shares of Bank of America to $34.00 and gave the company an “average” rating in a research note on Thursday. They noted that the move was a valuation call. Vining Sparks reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research note on Wednesday. Finally, ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $29.87.
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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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