Bank of America Corp (BAC) Position Boosted by Cetera Investment Advisers
Cetera Investment Advisers increased its position in shares of Bank of America Corp (NYSE:BAC) by 28.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,109 shares of the financial services provider’s stock after buying an additional 11,439 shares during the period. Cetera Investment Advisers’ holdings in Bank of America were worth $1,266,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Northwest Investment Counselors LLC bought a new position in Bank of America during the second quarter worth $100,000. Chicago Partners Investment Group LLC boosted its position in Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in Bank of America by 47.1% during the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 1,850 shares during the period. Lenox Wealth Advisors Inc. bought a new position in Bank of America during the second quarter worth $144,000. Finally, Jacobi Capital Management LLC boosted its position in Bank of America by 21.0% during the first quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,101 shares during the period. Institutional investors and hedge funds own 68.56% of the company’s stock.
Bank of America Corp (NYSE BAC) opened at $28.84 on Thursday. The company has a market capitalization of $305,825.50, a PE ratio of 16.75, a P/E/G ratio of 2.03 and a beta of 1.31. Bank of America Corp has a 52 week low of $21.77 and a 52 week high of $29.50. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.
Bank of America declared that its Board of Directors has approved a stock 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 reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
A number of research firms have commented on BAC. BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Vetr raised shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective for the company in a research report on Wednesday, August 30th. BMO Capital Markets reaffirmed a “market perform” rating and set a $29.00 price objective (up from $27.00) on shares of Bank of America in a research report on Monday, October 16th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research report on Friday, December 8th. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $26.32.
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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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