Cadinha & Co. LLC Takes $1.31 Million Position in Bank of America Corp (BAC)
Cadinha & Co. LLC bought a new position in Bank of America Corp (NYSE:BAC) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 51,847 shares of the financial services provider’s stock, valued at approximately $1,314,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Burt Wealth Advisors increased its position in shares of Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new position in shares of Bank of America in the second quarter worth approximately $115,000. Legacy Advisors LLC purchased a new position in shares of Bank of America in the third quarter worth approximately $115,000. HWG Holdings LP purchased a new position in shares of Bank of America in the third quarter worth approximately $116,000. Finally, Bristlecone Advisors LLC purchased a new position in shares of Bank of America in the third quarter worth approximately $128,000. 69.34% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Corp (NYSE:BAC) opened at $31.20 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. The company has a market cap of $311,293.69, a P/E ratio of 16.63, a P/E/G ratio of 1.54 and a beta of 1.41. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $32.67.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 30.97%.
Bank of America announced that its board has initiated a share buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
BAC has been the topic of several analyst reports. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price on the stock in a research report on Monday, October 16th. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, December 14th. Wells Fargo & Co set a $35.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and boosted their price objective for the company from $32.00 to $35.00 in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $30.17.
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About Bank of America
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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