AlphaOne Investment Services LLC Takes $6.40 Million Position in Bank of America Corp (BAC)

AlphaOne Investment Services LLC purchased a new position in shares of Bank of America Corp (NYSE:BAC) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 263,750 shares of the financial services provider’s stock, valued at approximately $6,398,000. Bank of America accounts for approximately 1.7% of AlphaOne Investment Services LLC’s investment portfolio, making the stock its 6th biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Gateway Advisory LLC lifted its holdings in Bank of America by 0.4% in the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 45 shares during the period. Arbor Investment Advisors LLC lifted its holdings in 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 valued at $348,000 after acquiring an additional 46 shares during the period. Lbmc Investment Advisors LLC lifted its holdings in 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 valued at $409,000 after acquiring an additional 51 shares during the period. Tiemann Investment Advisors LLC lifted its holdings in Bank of America by 0.3% in the first quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock valued at $470,000 after acquiring an additional 52 shares during the period. Finally, TCI Wealth Advisors Inc. lifted its holdings in 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 valued at $349,000 after acquiring an additional 54 shares during the period. 68.28% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have commented on the company. Morgan Stanley reissued an “overweight” rating and issued a $30.00 target price (up previously from $28.00) on shares of Bank of America in a report on Thursday. BidaskClub downgraded Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Vetr raised Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 target price for the company in a report on Tuesday, November 7th. J P Morgan Chase & Co raised their target price on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Finally, UBS set a $27.00 target price on Bank of America and gave the company a “hold” rating in a report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $26.25.

Bank of America Corp (NYSE:BAC) opened at $28.10 on Monday. The firm has a market capitalization of $293,100.16, a price-to-earnings ratio of 16.06, a PEG ratio of 1.94 and a beta of 1.31. Bank of America Corp has a 52-week low of $21.02 and a 52-week high of $28.72. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. sell-side analysts forecast that Bank of America Corp will post 1.81 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio is presently 27.43%.

ILLEGAL ACTIVITY WARNING: This news story was first published by Week Herald and is the property of of Week Herald. If you are viewing this news story on another website, it was stolen and reposted in violation of United States & international trademark & copyright law. The original version of this news story can be accessed at https://weekherald.com/2017/12/04/alphaone-investment-services-llc-takes-6-40-million-position-in-bank-of-america-corp-bac.html.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

Receive News & Ratings for Bank of America Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply