Bank of America Corp (BAC) Holdings Boosted by Ally Financial Inc.
Ally Financial Inc. raised its stake in Bank of America Corp (NYSE:BAC) by 95.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 215,000 shares of the financial services provider’s stock after purchasing an additional 105,000 shares during the period. Ally Financial Inc.’s holdings in Bank of America were worth $5,216,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in BAC. M Holdings Securities Inc. lifted its holdings in shares of Bank of America by 72.9% during the first quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock worth $2,242,000 after purchasing an additional 40,069 shares during the period. Lbmc Investment Advisors LLC lifted its holdings in shares of Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares during the period. YHB Investment Advisors Inc. lifted its holdings in Bank of America by 17.2% in the second quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after acquiring an additional 23,729 shares during the period. Synovus Financial Corp lifted its holdings in Bank of America by 11.7% in the second quarter. Synovus Financial Corp now owns 594,179 shares of the financial services provider’s stock valued at $14,416,000 after acquiring an additional 62,064 shares during the period. Finally, Montag A & Associates Inc. lifted its holdings in Bank of America by 47.4% in the second quarter. Montag A & Associates Inc. now owns 385,764 shares of the financial services provider’s stock valued at $9,359,000 after acquiring an additional 123,986 shares during the period. Institutional investors own 68.28% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $28.78 on Friday. The company has a market capitalization of $298,732.69, a price-to-earnings ratio of 16.37, a P/E/G ratio of 1.98 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52 week low of $21.77 and a 52 week high of $29.31.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the prior year, the business earned $0.41 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. analysts anticipate that Bank of America Corp will post 1.81 earnings per share for the current year.
Bank of America declared that its Board of Directors has initiated a share buyback program on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.67%. Bank of America’s dividend payout ratio (DPR) is presently 27.43%.
BAC has been the subject of a number of research analyst reports. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a research report on Monday, October 16th. Jefferies Group reiterated a “buy” rating and set a $28.00 price objective on shares of Bank of America in a research report on Friday, August 11th. Deutsche Bank reiterated a “hold” rating and set a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Finally, Royal Bank Of Canada lifted their price target on Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $26.32.
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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