Caxton Associates LP Increases Holdings in Bank of America Corp (BAC)
Caxton Associates LP grew its position in shares of Bank of America Corp (NYSE:BAC) by 697.7% in the third quarter, Holdings Channel reports. The institutional investor owned 2,145,000 shares of the financial services provider’s stock after buying an additional 1,876,100 shares during the period. Bank of America accounts for 1.9% of Caxton Associates LP’s holdings, making the stock its 7th biggest holding. Caxton Associates LP’s holdings in Bank of America were worth $54,354,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after buying an additional 1,079,788 shares during the last quarter. Legal & General Group Plc raised its position in Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after buying an additional 379,854 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after buying an additional 9,612,342 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Bank of America by 13.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after buying an additional 4,801,300 shares during the last quarter. Institutional investors own 69.34% of the company’s stock.
BAC has been the subject of a number of analyst reports. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective for the company 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 note on Friday, February 2nd. Keefe, Bruyette & Woods upped their price target 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. Wells Fargo & Co set a $35.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and upped their price target for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $30.17.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 EPS. equities analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. Bank of America’s payout ratio is 30.97%.
Bank of America announced that its Board of Directors has approved a share buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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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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