Bank of America Corp (BAC) Shares Bought by Fulton Bank N.A.
Fulton Bank N.A. grew its stake in Bank of America Corp (NYSE:BAC) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,092 shares of the financial services provider’s stock after purchasing an additional 3,807 shares during the quarter. Fulton Bank N.A.’s holdings in Bank of America were worth $2,815,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Beacon Financial Group grew its stake in Bank of America by 68.4% during the third quarter. Beacon Financial Group now owns 26,606 shares of the financial services provider’s stock worth $674,000 after buying an additional 10,807 shares in the last quarter. Neville Rodie & Shaw Inc. grew its stake in Bank of America by 5.4% during the third quarter. Neville Rodie & Shaw Inc. now owns 54,537 shares of the financial services provider’s stock worth $1,382,000 after buying an additional 2,802 shares in the last quarter. Park National Corp OH grew its stake in Bank of America by 2.9% during the third quarter. Park National Corp OH now owns 896,822 shares of the financial services provider’s stock worth $22,725,000 after buying an additional 25,202 shares in the last quarter. MPS Loria Financial Planners LLC acquired a new stake in Bank of America during the second quarter worth about $115,000. Finally, Intl Fcstone Inc. acquired a new stake in Bank of America during the second quarter worth about $348,000. 68.56% of the stock is currently owned by institutional investors.
Shares of Bank of America Corp (NYSE BAC) opened at $29.04 on Friday. Bank of America Corp has a 52-week low of $21.77 and a 52-week high of $29.50. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The company has a market cap of $302,904.94, a P/E ratio of 16.59, a PEG ratio of 2.01 and a beta of 1.31.
Bank of America (NYSE:BAC) last posted 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. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter last year, the firm posted $0.41 EPS. Bank of America’s revenue was up 2.1% compared to the same quarter last year. research analysts expect that Bank of America Corp will post 1.8 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is 27.43%.
Bank of America declared that its board has initiated a share buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of brokerages have issued reports on BAC. Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 target price on shares of Bank of America in a report on Friday, December 8th. Morgan Stanley reissued an “overweight” rating and issued a $30.00 target price (up previously from $28.00) on shares of Bank of America in a report on Thursday, November 30th. BidaskClub lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Finally, Vetr upgraded shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price objective for the company in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given 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 a consensus target price of $26.55.
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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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