Zweig DiMenna Associates LLC lowered its position in Bank of America Corp (NYSE:BAC) by 67.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 29,795 shares of the financial services provider’s stock after selling 62,182 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Bank of America were worth $755,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in BAC. Stillwater Investment Management LLC raised its position in shares of Bank of America by 0.3% in the 2nd quarter. Stillwater Investment Management LLC now owns 103,671 shares of the financial services provider’s stock worth $2,515,000 after acquiring an additional 323 shares in the last quarter. Independent Portfolio Consultants Inc. raised its position in shares of Bank of America by 57.3% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 120,829 shares of the financial services provider’s stock worth $2,931,000 after acquiring an additional 44,018 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Bank of America by 3.5% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 605,752 shares of the financial services provider’s stock worth $14,695,000 after acquiring an additional 20,600 shares in the last quarter. Xact Kapitalforvaltning AB increased its position in Bank of America by 3.4% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 1,846,993 shares of the financial services provider’s stock valued at $44,808,000 after buying an additional 61,202 shares in the last quarter. Finally, Centre Asset Management LLC increased its position in Bank of America by 3.4% during the 2nd quarter. Centre Asset Management LLC now owns 284,520 shares of the financial services provider’s stock valued at $6,902,000 after buying an additional 9,250 shares in the last quarter. 68.43% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the company. Vetr lowered Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective for the company. in a research report on Wednesday. BMO Capital Markets reaffirmed a “market perform” rating and set a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a research report on Monday, October 16th. BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. UBS Group set a $27.00 price objective on Bank of America and gave the company a “hold” rating in a research report on Monday, October 16th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $24.00 price objective on shares of Bank of America in a research report on Sunday, October 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $29.14.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the business posted $0.41 EPS. research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.57%. Bank of America’s dividend payout ratio (DPR) is currently 27.91%.
Bank of America declared that its board has initiated a share buyback program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
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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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