CIBC Asset Management Inc lessened its holdings in Bank of America Corp (NYSE:BAC) by 1.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,063,802 shares of the financial services provider’s stock after selling 17,324 shares during the period. CIBC Asset Management Inc’s holdings in Bank of America were worth $26,957,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also modified their holdings of BAC. Livforsakringsbolaget Skandia Omsesidigt lifted its stake 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 purchasing an additional 20,600 shares during the period. Xact Kapitalforvaltning AB lifted its stake in shares of Bank of America by 3.4% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 1,846,993 shares of the financial services provider’s stock worth $44,808,000 after purchasing an additional 61,202 shares during the period. Centre Asset Management LLC lifted its stake in shares of Bank of America by 3.4% in the 2nd quarter. Centre Asset Management LLC now owns 284,520 shares of the financial services provider’s stock worth $6,902,000 after purchasing an additional 9,250 shares during the period. Bremer Trust National Association bought a new position in shares of Bank of America in the 2nd quarter worth approximately $243,000. Finally, Trust Co lifted its stake in shares of Bank of America by 7.4% in the 1st quarter. Trust Co now owns 152,988 shares of the financial services provider’s stock worth $3,609,000 after purchasing an additional 10,485 shares during the period. Hedge funds and other institutional investors own 68.43% of the company’s stock.
Shares of Bank of America Corp (NYSE:BAC) opened at $31.19 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corp has a fifty-two week low of $22.01 and a fifty-two week high of $31.20. The stock has a market cap of $325,330.00, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32.
Bank of America announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 27.91%.
Several equities analysts have recently weighed in on the stock. Vetr cut shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective on the stock. in a research note on Wednesday. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. UBS Group set a $27.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research note on Monday, October 16th. Finally, Robert W. Baird restated a “hold” rating and set a $24.00 target price on shares of Bank of America in a research note on Sunday, October 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Bank of America presently has an average rating of “Buy” and an average price target of $29.14.
TRADEMARK VIOLATION NOTICE: This piece of content was published by Markets Daily and is owned by of Markets Daily. If you are viewing this piece of content on another site, it was stolen and republished in violation of U.S. and international copyright legislation. The legal version of this piece of content can be viewed at https://www.themarketsdaily.com/2018/01/13/cibc-asset-management-inc-sells-17324-shares-of-bank-of-america-corp-bac.html.
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.
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.