Earnest Partners LLC Lowers Holdings in Bank of America Corp (BAC)
Earnest Partners LLC decreased its position in Bank of America Corp (NYSE:BAC) by 0.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 283,308 shares of the financial services provider’s stock after selling 1,299 shares during the period. Earnest Partners LLC’s holdings in Bank of America were worth $6,873,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of BAC. Gateway Advisory LLC boosted its stake in shares of Bank of America by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 45 shares during the last quarter. Arbor Investment Advisors LLC boosted its stake in shares of Bank of America by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 46 shares during the last quarter. Lbmc Investment Advisors LLC lifted its position in Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after buying an additional 51 shares during the period. TCI Wealth Advisors Inc. lifted its position in Bank of America by 0.4% during the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after buying an additional 54 shares during the period. Finally, Alpha Omega Wealth Management LLC lifted its position in Bank of America by 0.3% during the second quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock worth $613,000 after buying an additional 76 shares during the period. 68.56% of the stock is currently owned by institutional investors.
Shares of Bank of America Corp (NYSE BAC) opened at $28.94 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. Bank of America Corp has a 12 month low of $21.77 and a 12 month high of $29.31. The stock has a market capitalization of $303,009.22, a PE ratio of 16.60, a PEG ratio of 2.01 and a beta of 1.31.
Bank of America (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. analysts expect that Bank of America Corp will post 1.81 EPS for the current year.
Bank of America announced that its board has initiated a share repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.66%. Bank of America’s dividend payout ratio (DPR) is currently 27.43%.
Several research firms recently weighed in on BAC. BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. BMO Capital Markets reiterated a “market perform” rating and set a $29.00 target price (up from $27.00) on shares of Bank of America in a research report on Monday, October 16th. UBS set a $27.00 target price on Bank of America and gave the stock a “hold” rating in a research report on Monday, October 16th. Robert W. Baird reiterated a “hold” rating and set a $24.00 target price on shares of Bank of America in a research report on Sunday, October 1st. Finally, Vetr upgraded 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. Two equities 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. Bank of America presently has a consensus rating of “Buy” and a consensus target price of $26.32.
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Bank of America Company 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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