Putnam FL Investment Management Co. increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 2.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 237,091 shares of the financial services provider’s stock after purchasing an additional 6,526 shares during the period. Putnam FL Investment Management Co.’s holdings in Bank of America were worth $6,999,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Burt Wealth Advisors grew its stake in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares during the period. MPS Loria Financial Planners LLC acquired a new stake in Bank of America during the second quarter worth approximately $115,000. Legacy Advisors LLC acquired a new stake in Bank of America during the third quarter worth approximately $115,000. HWG Holdings LP acquired a new stake in Bank of America during the third quarter worth approximately $116,000. Finally, Bristlecone Advisors LLC acquired a new stake in Bank of America during the third quarter worth approximately $128,000. 69.83% of the stock is owned by institutional investors and hedge funds.
BAC has been the subject of a number of research reports. Credit Suisse Group raised their price objective on Bank of America from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, March 16th. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price objective for the company. in a research note on Monday, March 12th. Societe Generale cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Vining Sparks reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research note on Wednesday, January 17th. Nine 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. The stock has an average rating of “Buy” and an average target price of $30.93.
Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter last year, the company earned $0.40 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. sell-side analysts forecast that Bank of America Corp will post 2.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. Bank of America’s dividend payout ratio is presently 30.97%.
Bank of America declared that its board has authorized a share buyback plan 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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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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