Cipher Capital LP Acquires 182,689 Shares of Bank of America Corporation (BAC)

Cipher Capital LP increased its holdings in Bank of America Corporation (NYSE:BAC) by 530.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,156 shares of the bank’s stock after purchasing an additional 182,689 shares during the period. Cipher Capital LP’s holdings in Bank of America Corporation were worth $5,269,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BAC. Investec Asset Management LTD boosted its holdings in Bank of America Corporation by 163.4% in the first quarter. Investec Asset Management LTD now owns 10,540,710 shares of the bank’s stock worth $248,655,000 after purchasing an additional 6,538,908 shares in the last quarter. Karp Capital Management Corp bought a new stake in Bank of America Corporation during the first quarter valued at about $91,522,000. APG Asset Management N.V. boosted its holdings in Bank of America Corporation by 14.8% during the second quarter. APG Asset Management N.V. now owns 30,054,575 shares of the bank’s stock valued at $729,124,000 after acquiring an additional 3,868,186 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Bank of America Corporation by 56.2% during the first quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the bank’s stock valued at $246,799,000 after acquiring an additional 3,764,582 shares during the period. Finally, Hexavest Inc. bought a new stake in Bank of America Corporation during the second quarter valued at about $63,918,000. Hedge funds and other institutional investors own 62.34% of the company’s stock.

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Shares of Bank of America Corporation (NYSE BAC) opened at C$26.51 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The firm has a market cap of $276,515.47, a P/E ratio of 15.15, a P/E/G ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a fifty-two week low of C$18.63 and a fifty-two week high of C$27.98.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The bank reported C$0.48 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.46 by C$0.02. The business had revenue of C$22.08 billion during the quarter, compared to analyst estimates of C$22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. Bank of America Corporation’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 earnings per share. research analysts expect that Bank of America Corporation will post 1.8 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is currently 27.43%.

A number of equities research analysts have issued reports on the stock. BidaskClub cut shares of Bank of America Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday. Vetr cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $26.67 price target for the company. in a report on Monday, November 6th. Robert W. Baird restated a “hold” rating and set a $24.00 price target on shares of Bank of America Corporation in a report on Sunday, October 1st. Deutsche Bank AG restated a “hold” rating and set a $25.00 price target (up from $23.00) on shares of Bank of America Corporation in a report on Tuesday, September 26th. Finally, Jefferies Group LLC restated a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of C$25.82.

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

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