Wedge Capital Management L L P NC lessened its stake in Bank of America Corp (NYSE:BAC) by 14.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,658,821 shares of the financial services provider’s stock after selling 288,002 shares during the period. Wedge Capital Management L L P NC’s holdings in Bank of America were worth $48,968,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Burt Wealth Advisors lifted its position in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth $115,000. Legacy Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth $115,000. HWG Holdings LP purchased a new stake in shares of Bank of America during the 3rd quarter worth $116,000. Finally, Bristlecone Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth $128,000. Hedge funds and other institutional investors own 69.92% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $32.72 on Monday. 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 company has a market cap of $335,170.00, a price-to-earnings ratio of 18.80, a price-to-earnings-growth ratio of 1.66 and a beta of 1.36. Bank of America Corp has a one year low of $22.07 and a one year high of $32.85.
Bank of America declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.47%. Bank of America’s dividend payout ratio (DPR) is 27.59%.
Several research firms have recently issued reports on BAC. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price objective for the company in a research report on Thursday, March 1st. Societe Generale cut shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Vining Sparks reaffirmed a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research report on Wednesday, January 17th. Finally, Morgan Stanley lifted their price objective on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the company. Bank of America currently has a consensus rating of “Buy” and an average price target of $30.35.
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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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