Bank of America Corp (BAC) Short Interest Up 11.2% in November
Bank of America Corp (NYSE:BAC) was the recipient of a large increase in short interest in November. As of November 30th, there was short interest totalling 135,342,801 shares, an increase of 11.2% from the November 15th total of 121,671,744 shares. Based on an average trading volume of 64,589,453 shares, the days-to-cover ratio is presently 2.1 days. Approximately 1.4% of the company’s stock are short sold.
Several research firms have recently issued reports on BAC. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 target price (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. UBS set a $27.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research note on Monday, October 16th. Robert W. Baird reiterated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research note on Sunday, October 1st. Finally, Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a research note on Monday, October 16th. Two 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 issued a strong buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and a consensus target price of $26.55.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gateway Advisory LLC lifted its holdings in Bank of America by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 45 shares during the last quarter. Arbor Investment Advisors LLC lifted its holdings in shares of Bank of America by 0.3% in the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after buying an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC lifted its holdings in shares of Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after buying an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. lifted its holdings in shares of 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 buying an additional 54 shares in the last quarter. Finally, Altavista Wealth Management Inc. lifted its holdings in shares of 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 buying an additional 68 shares in the last quarter. 68.56% of the stock is currently owned by institutional investors and hedge funds.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. analysts predict that Bank of America will post 1.8 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
Bank of America announced that its board has approved a stock buyback plan 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 repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are 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.
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