Bank of America Corp (BAC) Shares Bought by Boston Financial Mangement LLC
Boston Financial Mangement LLC increased its position in shares of Bank of America Corp (NYSE:BAC) by 1.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 646,005 shares of the financial services provider’s stock after acquiring an additional 6,115 shares during the quarter. Bank of America accounts for approximately 1.1% of Boston Financial Mangement LLC’s investment portfolio, making the stock its 28th largest position. Boston Financial Mangement LLC’s holdings in Bank of America were worth $15,918,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. PGGM Investments purchased a new position in Bank of America in the 4th quarter worth about $128,471,000. Matthew Goff Investment Advisor LLC increased its stake in Bank of America by 2,719.0% in the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 5,310,836 shares of the financial services provider’s stock worth $188,394,000 after purchasing an additional 5,122,442 shares in the last quarter. SG Americas Securities LLC increased its stake in Bank of America by 183.4% in the 3rd quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock worth $55,160,000 after purchasing an additional 4,117,908 shares in the last quarter. CI Investments Inc. increased its stake in Bank of America by 168.5% in the 3rd quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock worth $172,061,000 after purchasing an additional 3,665,300 shares in the last quarter. Finally, Federated Investors Inc. PA increased its stake in Bank of America by 60.4% in the 3rd quarter. Federated Investors Inc. PA now owns 7,697,006 shares of the financial services provider’s stock worth $226,755,000 after purchasing an additional 2,899,075 shares in the last quarter. 64.81% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on BAC shares. UBS Group set a $33.00 price target on Bank of America and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Edward Jones raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. Jefferies Financial Group lifted their price target on Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, January 18th. Wells Fargo & Co set a $36.00 price target on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, January 16th. Finally, Credit Suisse Group dropped their price target on Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, December 7th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Bank of America has a consensus rating of “Hold” and an average price target of $33.18.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.07. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The firm had revenue of $22.89 billion during the quarter, compared to analyst estimates of $22.37 billion. During the same period last year, the company posted $0.48 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. Equities analysts expect that Bank of America Corp will post 2.85 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, February 28th. This represents a $0.60 dividend on an annualized basis and a yield of 2.06%. Bank of America’s payout ratio is presently 22.99%.
Bank of America Profile
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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