Buffington Mohr McNeal Has $676,000 Holdings in Bank of America Corp (BAC)

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Buffington Mohr McNeal raised its position in Bank of America Corp (NYSE:BAC) by 45.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 27,425 shares of the financial services provider’s stock after purchasing an additional 8,600 shares during the quarter. Buffington Mohr McNeal’s holdings in Bank of America were worth $676,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its position in shares of Bank of America by 2,345.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 57,933,075 shares of the financial services provider’s stock valued at $2,351,000 after buying an additional 55,563,977 shares during the period. Capital World Investors increased its position in shares of Bank of America by 0.7% during the third quarter. Capital World Investors now owns 41,115,262 shares of the financial services provider’s stock valued at $1,211,256,000 after buying an additional 273,716 shares during the period. Standard Life Aberdeen plc increased its position in shares of Bank of America by 2.3% during the third quarter. Standard Life Aberdeen plc now owns 20,334,753 shares of the financial services provider’s stock valued at $599,163,000 after buying an additional 455,380 shares during the period. Sanders Capital LLC increased its position in shares of Bank of America by 3.2% during the fourth quarter. Sanders Capital LLC now owns 18,621,007 shares of the financial services provider’s stock valued at $506,236,000 after buying an additional 584,443 shares during the period. Finally, Schroder Investment Management Group increased its position in shares of Bank of America by 1.2% during the third quarter. Schroder Investment Management Group now owns 18,187,536 shares of the financial services provider’s stock valued at $535,804,000 after buying an additional 217,088 shares during the period. Hedge funds and other institutional investors own 64.22% of the company’s stock.

Several brokerages recently issued reports on BAC. Macquarie cut shares of Bank of America from an “outperform” rating to a “neutral” rating in a research report on Monday, January 7th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “buy” rating on shares of Bank of America in a research report on Tuesday, January 8th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Tuesday, January 8th. Edward Jones upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. Bank of America has an average rating of “Hold” and an average price target of $33.18.

NYSE:BAC opened at $29.46 on Friday. Bank of America Corp has a one year low of $22.66 and a one year high of $32.57. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market cap of $300.04 billion, a P/E ratio of 11.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The business had revenue of $22.89 billion for the quarter, compared to analyst estimates of $22.37 billion. Bank of America had a net margin of 25.45% and a return on equity of 11.66%. Bank of America’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Research analysts anticipate that Bank of America Corp will post 2.84 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.04%. Bank of America’s dividend payout ratio is presently 22.99%.

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About Bank of America

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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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)

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