Greatmark Investment Partners Inc. cut its position in shares of Bank of America Corp (NYSE:BAC) by 1.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 273,353 shares of the financial services provider’s stock after selling 4,590 shares during the period. Bank of America accounts for 2.9% of Greatmark Investment Partners Inc.’s holdings, making the stock its 10th biggest position. Greatmark Investment Partners Inc.’s holdings in Bank of America were worth $8,069,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Beach Investment Management LLC. boosted its holdings in Bank of America by 851.6% during the second quarter. Beach Investment Management LLC. now owns 880,908 shares of the financial services provider’s stock worth $21,371,000 after buying an additional 788,338 shares in the last quarter. Cedar Capital LLC raised its position in Bank of America by 39.8% during the second quarter. Cedar Capital LLC now owns 12,768 shares of the financial services provider’s stock worth $310,000 after acquiring an additional 3,635 shares during the period. Sawtooth Solutions LLC raised its position in Bank of America by 19.8% during the second quarter. Sawtooth Solutions LLC now owns 23,401 shares of the financial services provider’s stock worth $568,000 after acquiring an additional 3,863 shares during the period. Todd Asset Management LLC acquired a new position in Bank of America during the second quarter worth $23,869,000. Finally, Pinnacle Associates Ltd. raised its position in Bank of America by 1.6% during the second quarter. Pinnacle Associates Ltd. now owns 554,968 shares of the financial services provider’s stock worth $13,464,000 after acquiring an additional 8,776 shares during the period. 69.92% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have weighed in on BAC. Vetr cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price objective for the company. in a research report on Monday. Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Morgan Stanley upped 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. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Royal Bank of Canada upped their price objective on shares of Bank of America to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $30.35.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.40 earnings per share. sell-side analysts anticipate that Bank of America Corp will post 2.46 EPS for the current fiscal year.
Bank of America announced that its Board of Directors has approved a share buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is 30.97%.
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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