Smith Capital Management Inc. AR ADV lifted its stake in Bank of America Corp (NYSE:BAC) by 8.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,748 shares of the financial services provider’s stock after purchasing an additional 2,044 shares during the period. Smith Capital Management Inc. AR ADV’s holdings in Bank of America were worth $977,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. TFO TDC LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $26,000. Sage Financial Group Inc. bought a new position in shares of Bank of America in the 4th quarter valued at about $38,000. Corbenic Partners LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $39,000. Selective Wealth Management Inc. bought a new position in shares of Bank of America in the 3rd quarter valued at about $43,000. Finally, Carolina Wealth Advisors LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 68.57% of the company’s stock.
A number of research analysts recently commented on BAC shares. Credit Suisse Group increased their price target on shares of Bank of America from $38.00 to $39.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Argus reaffirmed a “buy” rating and issued a $39.00 price target (up previously from $35.00) on shares of Bank of America in a report on Wednesday, January 15th. Morgan Stanley reaffirmed a “buy” rating and issued a $38.00 price target (up previously from $35.00) on shares of Bank of America in a report on Monday, November 18th. UBS Group lowered shares of Bank of America from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $34.00 to $36.00 in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $33.00 price objective (up from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $35.29.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.05. Bank of America had a net margin of 24.15% and a return on equity of 11.95%. The company had revenue of $22.30 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same period in the prior year, the company posted $0.70 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities research analysts predict that Bank of America Corp will post 3.05 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Thursday, March 5th. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
Bank of America Profile
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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