Princeton Global Asset Management LLC Increases Stock Position in Bank of America Co. (NYSE:BAC)


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Princeton Global Asset Management LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,443 shares of the financial services provider’s stock after buying an additional 3,081 shares during the quarter. Princeton Global Asset Management LLC’s holdings in Bank of America were worth $2,529,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Premier Fund Managers Ltd boosted its stake in Bank of America by 66.5% during the fourth quarter. Premier Fund Managers Ltd now owns 1,091,000 shares of the financial services provider’s stock worth $32,714,000 after buying an additional 435,600 shares during the period. Swedbank boosted its stake in Bank of America by 1.9% during the fourth quarter. Swedbank now owns 4,878,260 shares of the financial services provider’s stock worth $146,250,000 after buying an additional 92,507 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in Bank of America during the fourth quarter worth about $337,000. Vectors Research Management LLC boosted its stake in Bank of America by 1.9% during the fourth quarter. Vectors Research Management LLC now owns 26,378 shares of the financial services provider’s stock worth $800,000 after buying an additional 480 shares during the period. Finally, Blume Capital Management Inc. boosted its stake in Bank of America by 11.0% during the fourth quarter. Blume Capital Management Inc. now owns 56,661 shares of the financial services provider’s stock worth $1,717,000 after buying an additional 5,600 shares during the period. 68.10% of the stock is owned by institutional investors.

BAC stock traded up $0.69 during midday trading on Tuesday, reaching $35.84. 1,392,150 shares of the company were exchanged, compared to its average volume of 51,915,648. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87. Bank of America Co. has a 1-year low of $17.95 and a 1-year high of $35.25. The stock’s 50-day simple moving average is $32.38 and its 200 day simple moving average is $27.88. The company has a market cap of $310.04 billion, a price-to-earnings ratio of 17.40, a price-to-earnings-growth ratio of 2.13 and a beta of 1.59.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The company had revenue of $20.10 billion for the quarter, compared to analysts’ expectations of $20.76 billion. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. On average, research analysts anticipate that Bank of America Co. will post 1.84 earnings per share for the current year.

Bank of America announced that its board has authorized a share repurchase program on Tuesday, January 19th that authorizes the company to buyback $2.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Shareholders of record on Friday, March 5th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, March 4th. This represents a $0.72 dividend on an annualized basis and a yield of 2.01%. Bank of America’s payout ratio is currently 24.49%.

BAC has been the topic of several research reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of America from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, January 6th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their price target for the stock from $31.00 to $37.00 in a research report on Monday, January 11th. Royal Bank of Canada increased their price target on shares of Bank of America from $28.00 to $37.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 20th. Morgan Stanley increased their price target on shares of Bank of America from $34.00 to $36.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 20th. Finally, Barclays increased their price target on shares of Bank of America from $33.00 to $39.00 and gave the stock an “overweight” rating in a research report on Monday, January 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company. Bank of America has an average rating of “Buy” and an average target price of $33.13.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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