OLD National Bancorp IN raised its stake in Bank of America Corp (NYSE:BAC) by 2.0% in the 4th quarter, Holdings Channel reports. The firm owned 366,012 shares of the financial services provider’s stock after acquiring an additional 7,274 shares during the period. OLD National Bancorp IN’s holdings in Bank of America were worth $10,805,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Beach Investment Management LLC. raised its holdings in shares of Bank of America by 851.6% during the second quarter. Beach Investment Management LLC. now owns 880,908 shares of the financial services provider’s stock valued at $21,371,000 after acquiring an additional 788,338 shares in the last quarter. CWA Asset Management Group LLC raised its holdings in shares of Bank of America by 1.0% during the second quarter. CWA Asset Management Group LLC now owns 29,186 shares of the financial services provider’s stock valued at $708,000 after acquiring an additional 281 shares in the last quarter. Crawford Lake Capital Management LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $4,124,000. TIAA CREF Investment Management LLC raised 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 acquiring an additional 1,079,788 shares in the last quarter. Finally, Bainco International Investors raised its holdings in shares of Bank of America by 1.2% during the second quarter. Bainco International Investors now owns 248,294 shares of the financial services provider’s stock valued at $6,024,000 after acquiring an additional 2,935 shares in the last quarter. Hedge funds and other institutional investors own 69.84% of the company’s stock.
A number of equities analysts recently commented on BAC shares. Morgan Stanley restated an “overweight” rating and set a $30.00 target price (up previously from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Royal Bank of Canada restated a “buy” rating and set a $30.00 target price on shares of Bank of America in a report on Friday, December 8th. Keefe, Bruyette & Woods upped their target price on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a report on Thursday, December 14th. Wells Fargo set a $35.00 target price on Bank of America and gave the company a “buy” rating in a report on Wednesday, December 20th. Finally, Barclays upped their target price on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Nine 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. The stock has a consensus rating of “Buy” and a consensus target price of $30.93.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same period in the prior year, the firm posted $0.40 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. analysts predict that Bank of America Corp will post 2.46 EPS for the current year.
Bank of America announced that its board has approved a share 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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 paid 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 currently 30.97%.
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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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