Carnick & Kubik Group LLC Invests $1.54 Million in Bank of America Corp (BAC) Stock
Carnick & Kubik Group LLC purchased a new stake in shares of Bank of America Corp (NYSE:BAC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 60,633 shares of the financial services provider’s stock, valued at approximately $1,536,000.
A number of other hedge funds have also made changes to their positions in BAC. TIAA FSB bought a new stake in shares of Bank of America in the 2nd quarter worth $2,400,000. Lbmc Investment Advisors LLC grew its stake in shares of Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 51 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Bank of America by 1.1% in the 2nd quarter. Stephens Inc. AR now owns 846,608 shares of the financial services provider’s stock worth $20,539,000 after acquiring an additional 8,956 shares in the last quarter. Synovus Financial Corp grew its stake in shares of Bank of America by 11.7% in the 2nd quarter. Synovus Financial Corp now owns 594,179 shares of the financial services provider’s stock worth $14,416,000 after acquiring an additional 62,064 shares in the last quarter. Finally, YHB Investment Advisors Inc. grew its stake in shares of Bank of America by 17.2% in the 2nd quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock worth $3,917,000 after acquiring an additional 23,729 shares in the last quarter. Institutional investors and hedge funds own 68.42% of the company’s stock.
Several research firms have recently issued reports on BAC. Robert W. Baird reiterated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research note on Sunday, October 1st. Deutsche Bank reiterated a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Keefe, Bruyette & Woods upped 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 note on Thursday, December 14th. Finally, Vetr upgraded shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 target price for the company in a research note on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and a consensus target price of $26.55.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. equities analysts forecast that Bank of America Corp will post 1.8 EPS for the current year.
The firm 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 annualized dividend and a yield of 1.63%. The ex-dividend date is Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
Bank of America announced that its board has approved a stock buyback plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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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