Victory Capital Management Inc. cut its stake in Bank of America Corp (NYSE:BAC) by 5.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,330,254 shares of the financial services provider’s stock after selling 70,840 shares during the period. Victory Capital Management Inc.’s holdings in Bank of America were worth $39,269,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. 1ST Source Bank lifted its stake in Bank of America by 4.8% in the third quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after purchasing an additional 3,690 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Bank of America by 1.9% in the third quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock worth $172,469,000 after purchasing an additional 128,510 shares during the last quarter. TIAA FSB bought a new stake in Bank of America in the second quarter worth $2,400,000. Personal Capital Advisors Corp bought a new stake in Bank of America in the third quarter worth $311,000. Finally, Bronfman E.L. Rothschild L.P. lifted its stake in Bank of America by 7.5% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock worth $1,639,000 after purchasing an additional 4,537 shares during the last quarter. Institutional investors own 69.92% of the company’s stock.
BAC has been the subject of several recent research reports. Barclays boosted their price target on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Instinet lowered their price target on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. BMO Capital Markets reissued a “hold” rating and issued a $31.00 price target on shares of Bank of America in a research note on Monday, January 8th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $30.35.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same period in the prior year, the firm earned $0.40 earnings per share. Bank of America’s revenue was up 3.5% on a year-over-year basis. analysts anticipate that Bank of America Corp will post 2.46 EPS for the current year.
Bank of America declared that its board has initiated a share buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Thursday, March 1st. Bank of America’s payout ratio is currently 30.97%.
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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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