Advisors Asset Management Inc. grew its stake in Bank of America Corp (NYSE:BAC) by 21.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 68,960 shares of the financial services provider’s stock after purchasing an additional 12,329 shares during the period. Advisors Asset Management Inc.’s holdings in Bank of America were worth $1,747,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Gibraltar Capital Management Inc. raised its position in Bank of America by 4.3% in the 2nd quarter. Gibraltar Capital Management Inc. now owns 213,589 shares of the financial services provider’s stock valued at $5,182,000 after purchasing an additional 8,793 shares during the last quarter. Atria Investments LLC raised its position in Bank of America by 23.7% in the 2nd quarter. Atria Investments LLC now owns 113,086 shares of the financial services provider’s stock valued at $2,743,000 after purchasing an additional 21,670 shares during the last quarter. Kissinger Financial Services LLC raised its position in Bank of America by 48.5% in the 2nd quarter. Kissinger Financial Services LLC now owns 18,328 shares of the financial services provider’s stock valued at $444,000 after purchasing an additional 5,989 shares during the last quarter. Gillespie Robinson & Grimm Inc. raised its position in Bank of America by 70.4% in the 2nd quarter. Gillespie Robinson & Grimm Inc. now owns 998,151 shares of the financial services provider’s stock valued at $24,215,000 after purchasing an additional 412,395 shares during the last quarter. Finally, Private Trust Co. NA raised its position in Bank of America by 7.1% in the 2nd quarter. Private Trust Co. NA now owns 85,080 shares of the financial services provider’s stock valued at $2,064,000 after purchasing an additional 5,658 shares during the last quarter. Institutional investors and hedge funds own 68.46% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $31.18 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The stock has a market cap of $325,230.00, a PE ratio of 18.13, a PEG ratio of 1.70 and a beta of 1.32. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $31.79.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. Bank of America’s dividend payout ratio is presently 27.91%.
Bank of America declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Several analysts recently commented on BAC shares. Barclays upped their price target 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, January 2nd. 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. Instinet cut their price objective on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets restated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a research report on Monday, January 8th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $29.58.
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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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