Trillium Asset Management LLC boosted its stake in shares of Bank of America Corp (NYSE:BAC) by 0.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 861,346 shares of the financial services provider’s stock after acquiring an additional 3,887 shares during the period. Bank of America comprises about 1.2% of Trillium Asset Management LLC’s holdings, making the stock its 14th biggest holding. Trillium Asset Management LLC’s holdings in Bank of America were worth $21,826,000 as of its most recent filing with the SEC.
A number of other large investors also recently bought and sold shares of the business. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Bank of America in the second quarter valued at about $1,017,000. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $100,000. Chicago Partners Investment Group LLC raised its position in shares of Bank of America by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new stake in shares of Bank of America in the second quarter valued at about $115,000. Finally, Legacy Advisors LLC acquired a new stake in shares of Bank of America in the third quarter valued at about $115,000. Institutional investors own 68.42% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $30.19 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market cap of $314,900.00, a PE ratio of 17.55, a price-to-earnings-growth ratio of 1.74 and a beta of 1.32. Bank of America Corp has a 12 month low of $22.01 and a 12 month high of $30.44.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
Bank of America declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have recently commented on the stock. BidaskClub upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 target price (up from $27.00) on shares of Bank of America in a research report on Monday, October 16th. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Barclays increased their target price on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and three have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $27.50.
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About Bank of America
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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