Bank of America Corp (BAC) Holdings Lifted by Mckinley Capital Management LLC Delaware
Mckinley Capital Management LLC Delaware boosted its holdings in shares of Bank of America Corp (NYSE:BAC) by 7.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,619,469 shares of the financial services provider’s stock after acquiring an additional 119,051 shares during the period. Bank of America makes up approximately 1.5% of Mckinley Capital Management LLC Delaware’s investment portfolio, making the stock its 17th largest holding. Mckinley Capital Management LLC Delaware’s holdings in Bank of America were worth $39,288,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. Parametric Portfolio Associates LLC raised its stake in shares of Bank of America by 52.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares during the period. Investec Asset Management LTD raised its stake in shares of Bank of America by 68.6% in the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares during the period. Quantitative Investment Management LLC acquired a new stake in shares of Bank of America in the 2nd quarter valued at about $108,585,000. Finally, Schroder Investment Management Group raised its stake in shares of Bank of America by 70.4% in the 2nd quarter. Schroder Investment Management Group now owns 10,606,202 shares of the financial services provider’s stock valued at $257,942,000 after purchasing an additional 4,381,323 shares during the period. Hedge funds and other institutional investors own 68.28% of the company’s stock.
Several research firms have issued reports on BAC. Royal Bank Of Canada reissued a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday. BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. BMO Capital Markets reissued a “market perform” rating and issued a $29.00 price target (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. UBS set a $27.00 price target on Bank of America and gave the company a “hold” rating in a research note on Monday, October 16th. Finally, Robert W. Baird reissued a “hold” rating and issued a $24.00 price target on shares of Bank of America in a research note on Sunday, October 1st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $26.32.
Shares of Bank of America Corp (NYSE BAC) opened at $29.05 on Friday. Bank of America Corp has a 1-year low of $21.77 and a 1-year high of $29.31. The stock has a market capitalization of $300,192.97, a P/E ratio of 16.45, a PEG ratio of 1.99 and a beta of 1.31. 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 (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. equities research analysts expect that Bank of America Corp will post 1.81 EPS for the current year.
Bank of America declared that its Board of Directors has approved a stock repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is currently 27.43%.
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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