Bedell Frazier Investment Counseling LLC reduced its holdings in Bank of America Corp (NYSE:BAC) by 0.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 438,842 shares of the financial services provider’s stock after selling 2,780 shares during the quarter. Bank of America makes up 4.8% of Bedell Frazier Investment Counseling LLC’s portfolio, making the stock its 3rd biggest position. Bedell Frazier Investment Counseling LLC’s holdings in Bank of America were worth $12,955,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Burt Wealth Advisors lifted its position in Bank of America by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC bought a new stake in Bank of America in the 2nd quarter valued at about $115,000. Legacy Advisors LLC bought a new stake in Bank of America in the 3rd quarter valued at about $115,000. HWG Holdings LP bought a new stake in Bank of America in the 3rd quarter valued at about $116,000. Finally, Bristlecone Advisors LLC bought a new stake in Bank of America in the 3rd quarter valued at about $128,000. Institutional investors own 69.83% of the company’s stock.
BAC has been the topic of several recent research reports. 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 lifted their price objective on shares of Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a research report on Friday, December 8th. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Tuesday, January 2nd. Finally, Wells Fargo set a $35.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Wednesday, December 20th. Nine equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $30.93.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS. research analysts expect that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
The firm 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. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. Bank of America’s dividend payout ratio is currently 30.97%.
Bank of America declared that its Board of Directors has initiated a stock buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign 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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