Citizens Financial Group Inc RI Increases Stake in Bank of America Corp (BAC)

Citizens Financial Group Inc RI grew its stake in shares of Bank of America Corp (NYSE:BAC) by 484.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 347,842 shares of the financial services provider’s stock after purchasing an additional 288,283 shares during the period. Citizens Financial Group Inc RI’s holdings in Bank of America were worth $10,247,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America during the second quarter worth about $103,000. Cardinal Capital Management Inc. bought a new stake in shares of Bank of America during the third quarter worth about $106,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America during the second quarter worth about $112,000. Arlington Partners LLC bought a new stake in shares of Bank of America during the third quarter worth about $118,000. Finally, Whitnell & Co. bought a new stake in shares of Bank of America during the second quarter worth about $134,000. Hedge funds and other institutional investors own 65.06% of the company’s stock.

Shares of BAC stock opened at $28.52 on Friday. Bank of America Corp has a 52-week low of $25.81 and a 52-week high of $33.05. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $292.35 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.40 and a beta of 1.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The business had revenue of $22.78 billion during the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the prior year, the firm posted $0.48 EPS. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities analysts expect that Bank of America Corp will post 2.55 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Thursday, December 6th. Bank of America’s payout ratio is 32.79%.

Several equities research analysts have recently commented on BAC shares. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. Finally, BMO Capital Markets boosted their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $34.63.

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Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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