Great Lakes Retirement Inc. Acquires 3,171 Shares of Bank of America Corporation $BAC

Great Lakes Retirement Inc. lifted its holdings in shares of Bank of America Corporation (NYSE:BAC) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 238,774 shares of the financial services provider’s stock after purchasing an additional 3,171 shares during the period. Bank of America comprises about 1.3% of Great Lakes Retirement Inc.’s investment portfolio, making the stock its 16th biggest position. Great Lakes Retirement Inc.’s holdings in Bank of America were worth $11,299,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BAC. Boston Common Asset Management LLC grew its holdings in Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after acquiring an additional 24,740 shares during the last quarter. Disciplined Investments LLC bought a new stake in Bank of America in the 2nd quarter worth $217,000. Nicholas Hoffman & Company LLC. grew its holdings in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the last quarter. Sunbeam Capital Management LLC grew its position in shares of Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the last quarter. Finally, CCG Wealth Management LLC bought a new stake in shares of Bank of America in the 2nd quarter worth approximately $287,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock opened at $53.55 on Friday. The stock has a market cap of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. The business’s fifty day moving average is $51.03 and its 200 day moving average is $46.96. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $53.64. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BAC shares. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. Daiwa Capital Markets raised their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Robert W. Baird raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Wolfe Research raised their target price on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.59.

About Bank of America

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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.