Signature Estate & Investment Advisors LLC boosted its position in Bank of America Corp (NYSE:BAC) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 702,633 shares of the financial services provider’s stock after purchasing an additional 16,137 shares during the period. Bank of America accounts for about 2.1% of Signature Estate & Investment Advisors LLC’s portfolio, making the stock its 12th biggest holding. Signature Estate & Investment Advisors LLC’s holdings in Bank of America were worth $20,742,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Bank of America in the 2nd quarter valued at about $1,017,000. Burt Wealth Advisors grew its position in shares of Bank of America by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares during the last quarter. HWG Holdings LP bought a new stake in shares of Bank of America in the 3rd quarter valued at about $116,000. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $115,000. Finally, Legacy Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $115,000. 69.92% of the stock is owned by institutional investors and hedge funds.
BAC has been the topic of a number of analyst reports. Instinet reduced their price target on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets upped their price target on 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. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Zacks Investment Research upgraded 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. Finally, Wells Fargo set a $35.00 target price on Bank of America and gave the company a “buy” rating in a research report on Wednesday, December 20th. Ten investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Bank of America currently has an average rating of “Buy” and a consensus price target of $30.89.
Bank of America (NYSE:BAC) last announced 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 business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 earnings per share. equities analysts expect that Bank of America Corp will post 2.46 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be issued a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.49%. Bank of America’s payout ratio is currently 30.97%.
Bank of America declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
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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.
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