Sawyer & Company Inc purchased a new stake in Bank of America Corp (NYSE:BAC) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 27,427 shares of the financial services provider’s stock, valued at approximately $810,000.
Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Rockland Trust Co. grew its stake in Bank of America by 3.7% in the 4th quarter. Rockland Trust Co. now owns 155,488 shares of the financial services provider’s stock valued at $4,590,000 after acquiring an additional 5,555 shares during the last quarter. Kessler Investment Group LLC acquired a new stake in Bank of America in the 4th quarter valued at about $2,399,000. Trust Co grew its stake in Bank of America by 1.4% in the 3rd quarter. Trust Co now owns 161,048 shares of the financial services provider’s stock valued at $4,081,000 after acquiring an additional 2,150 shares during the last quarter. VNBTrust National Association acquired a new stake in Bank of America in the 4th quarter valued at about $201,000. Finally, Patriot Wealth Management Inc. grew its stake in Bank of America by 1.7% in the 4th quarter. Patriot Wealth Management Inc. now owns 277,683 shares of the financial services provider’s stock valued at $8,197,000 after acquiring an additional 4,709 shares during the last quarter. Institutional investors and hedge funds own 69.28% of the company’s stock.
Several research firms have issued reports on BAC. Vetr raised shares of Bank of America from a “strong sell” rating to a “sell” rating and set a $31.16 price target on the stock in a research note on Monday. Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley raised their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Royal Bank of Canada raised their price target on shares of Bank of America to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company. Bank of America has a consensus rating of “Buy” and a consensus target price of $30.21.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.40 EPS. research analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. Bank of America’s payout ratio is currently 31.17%.
Bank of America declared that its Board of Directors has authorized a stock buyback 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 repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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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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