Carl Domino Inc grew its position in Bank of America Corp (NYSE:BAC) by 138.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,777 shares of the financial services provider’s stock after purchasing an additional 45,119 shares during the period. Bank of America comprises about 2.4% of Carl Domino Inc’s portfolio, making the stock its 4th largest position. Carl Domino Inc’s holdings in Bank of America were worth $1,971,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Bank of America during the second quarter worth $1,017,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the second quarter worth $100,000. Chicago Partners Investment Group LLC increased its position in shares of Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares in the last quarter. MPS Loria Financial Planners LLC bought a new position in Bank of America in the second quarter valued at $115,000. Finally, Legacy Advisors LLC bought a new position in Bank of America in the third quarter valued at $115,000. Institutional investors own 68.46% of the company’s stock.
BAC has been the subject of a number of analyst reports. Instinet decreased their target price on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. Nomura raised their target price on shares of Bank of America from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a research report on Monday, October 16th. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a research report on Friday, October 13th. Finally, BidaskClub downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the stock. Bank of America presently has an average rating of “Buy” and an average price target of $29.58.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.40 earnings per share. equities research analysts expect that Bank of America Corp will post 1.79 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.91%.
Bank of America announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Bank of America Profile
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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