Boston Private Wealth LLC trimmed its stake in shares of Bank of America Corp (NYSE:BAC) by 2.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 460,261 shares of the financial services provider’s stock after selling 13,404 shares during the period. Boston Private Wealth LLC’s holdings in Bank of America were worth $11,663,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in BAC. Gateway Advisory LLC boosted its holdings in Bank of America by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 45 shares during the last quarter. Lbmc Investment Advisors LLC boosted its holdings in Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. lifted its stake 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 last quarter. Altavista Wealth Management Inc. lifted its stake in Bank of America by 0.7% in the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after acquiring an additional 68 shares during the last quarter. Finally, Alpha Omega Wealth Management LLC lifted its stake in Bank of America by 0.3% in the second quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock valued at $613,000 after acquiring an additional 76 shares during the last quarter. Institutional investors own 69.28% of the company’s stock.
A number of analysts have commented on BAC shares. Instinet cut their price target on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets increased their price objective on shares of Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. BidaskClub lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price target on shares of Bank of America in a research report on Friday, December 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 on the stock in a research report on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Buy” and an average price target of $29.99.
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 consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates 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 revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 EPS. sell-side analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. Bank of America’s dividend payout ratio is currently 31.17%.
Bank of America announced that its board has authorized a stock repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
COPYRIGHT VIOLATION NOTICE: “Bank of America Corp (BAC) Shares Sold by Boston Private Wealth LLC” was originally published by Week Herald and is the sole property of of Week Herald. If you are reading this story on another website, it was illegally stolen and reposted in violation of United States and international copyright law. The correct version of this story can be accessed at https://weekherald.com/2018/02/15/boston-private-wealth-llc-sells-13404-shares-of-bank-of-america-corp-bac.html.
Bank of America 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.
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.