Renaissance Group LLC decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,924 shares of the financial services provider’s stock after selling 1,876 shares during the quarter. Renaissance Group LLC’s holdings in Bank of America were worth $2,920,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in BAC. Janus Henderson Group PLC raised its stake in Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after buying an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in 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 buying an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. raised its stake in 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 buying an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after buying an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD raised its stake in Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after buying an additional 7,231,615 shares during the last quarter. Institutional investors and hedge funds own 69.83% of the company’s stock.
Shares of Bank of America stock opened at $29.17 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. Bank of America Corp has a fifty-two week low of $22.07 and a fifty-two week high of $33.05. The company has a market capitalization of $298,808.44, a price-to-earnings ratio of 18.82, a P/E/G ratio of 1.48 and a beta of 1.36.
Bank of America announced that its board has initiated a stock buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Thursday, March 1st. Bank of America’s payout ratio is currently 30.97%.
BAC has been the subject of several recent analyst reports. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Royal Bank of Canada boosted their price target on Bank of America to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price target for the company. in a research note on Monday, March 12th. Barclays boosted their price target on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Morgan Stanley boosted their price target on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Nine research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $30.93.
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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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