Cornerstone Financial Partners LLC raised its stake in Bank of America Corp (NYSE:BAC) by 33.5% during the fourth quarter, Holdings Channel reports. The fund owned 223,320 shares of the financial services provider’s stock after buying an additional 56,005 shares during the period. Bank of America comprises approximately 2.2% of Cornerstone Financial Partners LLC’s holdings, making the stock its 12th largest position. Cornerstone Financial Partners LLC’s holdings in Bank of America were worth $6,589,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in shares of Bank of America by 1.7% during the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Bank of America by 0.7% during the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Bank of America by 13.6% during the third quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after purchasing an additional 4,801,300 shares in the last quarter. 68.67% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Corp (NYSE:BAC) opened at $32.03 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a 12 month low of $22.07 and a 12 month high of $32.67. The company has a market capitalization of $328,105.41, a PE ratio of 17.60, a PEG ratio of 1.63 and a beta of 1.41.
Bank of America declared that its board has approved a stock repurchase program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is currently 30.97%.
BAC has been the topic of a number of research analyst reports. Instinet lowered their price target on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets upped their price target on Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. BidaskClub downgraded Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $30.21.
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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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