Gillespie Robinson & Grimm Inc. boosted its position in Bank of America Corp (NYSE:BAC) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,080,020 shares of the financial services provider’s stock after buying an additional 54,889 shares during the quarter. Bank of America makes up approximately 4.0% of Gillespie Robinson & Grimm Inc.’s portfolio, making the stock its 4th biggest position. Gillespie Robinson & Grimm Inc.’s holdings in Bank of America were worth $31,882,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Burt Wealth Advisors boosted its stake in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new stake in Bank of America in the second quarter worth approximately $115,000. Legacy Advisors LLC purchased a new stake in Bank of America in the third quarter worth approximately $115,000. HWG Holdings LP purchased a new stake in Bank of America in the third quarter worth approximately $116,000. Finally, Bristlecone Advisors LLC purchased a new stake in Bank of America in the third quarter worth approximately $128,000. 69.28% of the stock is owned by institutional investors and hedge funds.
Bank of America Corp (NYSE BAC) opened at $32.00 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market capitalization of $329,190.00, a P/E ratio of 20.78, a P/E/G ratio of 1.58 and a beta of 1.41. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $32.67.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. Bank of America’s dividend payout ratio is presently 31.17%.
Bank of America declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
BAC has been the subject of several research reports. BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. JPMorgan Chase & Co. increased their price objective on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price objective for the company. in a research note on Monday, November 6th. Morgan Stanley reissued an “overweight” rating and set a $30.00 price objective (up previously from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $29.99.
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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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