Investment Partners LTD. lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 5.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 9,959 shares of the financial services provider’s stock after buying an additional 499 shares during the quarter. Investment Partners LTD.’s holdings in Bank of America were worth $290,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Daily Journal Corp increased its position in Bank of America by 9,900.0% during the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock worth $66,700,000 after acquiring an additional 227,700,000 shares during the period. Nuveen Asset Management LLC increased its position in Bank of America by 1,905.2% during the second quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock worth $1,741,604,000 after acquiring an additional 57,060,331 shares during the period. Price T Rowe Associates Inc. MD increased its position in Bank of America by 35.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock worth $2,165,116,000 after acquiring an additional 19,688,816 shares during the period. Great West Life Assurance Co. Can bought a new position in Bank of America during the second quarter worth about $239,996,000. Finally, APG Asset Management N.V. increased its holdings in Bank of America by 15.4% in the 2nd quarter. APG Asset Management N.V. now owns 27,064,355 shares of the financial services provider’s stock valued at $689,205,000 after buying an additional 3,609,300 shares during the period. Institutional investors own 68.52% of the company’s stock.
Shares of Bank of America stock traded up $0.22 during midday trading on Friday, hitting $30.29. 8,938,320 shares of the company traded hands, compared to its average volume of 56,162,424. The stock has a market cap of $282.18 billion, a price-to-earnings ratio of 11.61, a PEG ratio of 1.17 and a beta of 1.60. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The firm’s fifty day moving average price is $28.78 and its 200-day moving average price is $28.79. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.17.
Bank of America announced that its board has approved a stock repurchase program on Thursday, June 27th that allows the company to buyback $30.90 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, September 5th. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.38%. Bank of America’s payout ratio is 27.59%.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.
Several research firms have commented on BAC. Morgan Stanley decreased their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a report on Tuesday. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, July 10th. Raymond James lowered shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the stock. Bank of America presently has an average rating of “Hold” and a consensus target price of $32.32.
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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