TRU Independence Asset Management 2 LLC Buys Shares of 1,200 Bank of America Co. (NYSE:BAC)


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TRU Independence Asset Management 2 LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,200 shares of the financial services provider’s stock, valued at approximately $36,000.

A number of other large investors have also added to or reduced their stakes in BAC. Wealth Alliance grew its stake in Bank of America by 25.6% during the 3rd quarter. Wealth Alliance now owns 29,186 shares of the financial services provider’s stock valued at $703,000 after acquiring an additional 5,957 shares in the last quarter. Financial Advisory Service Inc. grew its stake in shares of Bank of America by 1.6% in the 3rd quarter. Financial Advisory Service Inc. now owns 22,625 shares of the financial services provider’s stock valued at $545,000 after buying an additional 364 shares in the last quarter. Point72 Hong Kong Ltd grew its stake in shares of Bank of America by 132.8% in the 3rd quarter. Point72 Hong Kong Ltd now owns 196,782 shares of the financial services provider’s stock valued at $4,740,000 after buying an additional 112,237 shares in the last quarter. Front Street Capital Management Inc. grew its stake in shares of Bank of America by 84.5% in the 3rd quarter. Front Street Capital Management Inc. now owns 55,234 shares of the financial services provider’s stock valued at $1,331,000 after buying an additional 25,297 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its stake in shares of Bank of America by 4.3% in the 3rd quarter. Sunbelt Securities Inc. now owns 36,368 shares of the financial services provider’s stock valued at $876,000 after buying an additional 1,514 shares in the last quarter. 68.10% of the stock is currently owned by institutional investors.

BAC has been the subject of several recent research reports. Royal Bank of Canada boosted their price target on Bank of America from $28.00 to $37.00 and gave the company an “outperform” rating in a research note on Wednesday, January 20th. Deutsche Bank Aktiengesellschaft upped their target price on Bank of America from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, April 1st. UBS Group set a $30.00 price target on Bank of America and gave the stock a “neutral” rating in a report on Tuesday, January 19th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and increased their target price for the stock from $27.00 to $36.00 in a report on Tuesday, January 5th. Finally, Barclays increased their target price on Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $34.55.

NYSE BAC opened at $40.05 on Thursday. The firm has a market cap of $345.52 billion, a P/E ratio of 19.83, a P/E/G ratio of 2.13 and a beta of 1.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s 50-day moving average is $37.14 and its 200-day moving average is $30.45. Bank of America Co. has a one year low of $20.10 and a one year high of $40.28.

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

Bank of America announced that its Board of Directors has initiated a share buyback plan on Tuesday, January 19th that permits the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Friday, March 5th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date was Thursday, March 4th. Bank of America’s dividend payout ratio is presently 24.49%.

Bank of America Profile

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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