Marshwinds Advisory Co. lowered its holdings in shares of Bank of America Corp (NYSE:BAC) by 6.7% during the fourth quarter, HoldingsChannel reports. The firm owned 36,816 shares of the financial services provider’s stock after selling 2,643 shares during the period. Marshwinds Advisory Co.’s holdings in Bank of America were worth $1,087,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of BAC. Burt Wealth Advisors raised its holdings in shares of Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in shares of Bank of America during the second quarter valued at approximately $115,000. Legacy Advisors LLC acquired a new position in shares of Bank of America during the third quarter valued at approximately $115,000. HWG Holdings LP acquired a new position in shares of Bank of America during the third quarter valued at approximately $116,000. Finally, Bristlecone Advisors LLC acquired a new position in shares of Bank of America during the third quarter valued at approximately $128,000. Institutional investors own 69.28% of the company’s stock.
A number of equities analysts have commented on BAC shares. Instinet reduced their target price on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets increased their target price on Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. BidaskClub cut Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Royal Bank of Canada reissued a “buy” rating and set a $30.00 target price on shares of Bank of America in a report on Friday, December 8th. Finally, Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Tuesday, January 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $29.99.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.40 earnings per share. analysts anticipate that Bank of America Corp will post 2.46 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.50%. Bank of America’s payout ratio is 31.17%.
Bank of America declared that its Board of Directors has authorized a stock repurchase program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
Bank of America 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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