GSA Capital Partners LLP Invests $1.68 Million in Bank of America Corp (BAC) Stock
GSA Capital Partners LLP acquired a new position in shares of Bank of America Corp (NYSE:BAC) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 66,153 shares of the financial services provider’s stock, valued at approximately $1,676,000.
A number of other institutional investors have also modified their holdings of BAC. Coastline Trust Co lifted its stake in shares of Bank of America by 25.1% in the 3rd quarter. Coastline Trust Co now owns 47,892 shares of the financial services provider’s stock worth $1,213,000 after acquiring an additional 9,610 shares during the period. Smith Shellnut Wilson LLC ADV acquired a new stake in shares of Bank of America in the 3rd quarter worth $1,476,000. Americafirst Capital Management LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth $294,000. Gofen & Glossberg LLC IL lifted its stake in shares of Bank of America by 58.7% in the 3rd quarter. Gofen & Glossberg LLC IL now owns 53,677 shares of the financial services provider’s stock worth $1,360,000 after acquiring an additional 19,854 shares during the period. Finally, EagleClaw Capital Managment LLC lifted its stake in shares of Bank of America by 18.2% in the 3rd quarter. EagleClaw Capital Managment LLC now owns 79,850 shares of the financial services provider’s stock worth $2,022,000 after acquiring an additional 12,300 shares during the period. 69.28% of the stock is currently owned by institutional investors.
Shares of Bank of America Corp (BAC) opened at $31.12 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. Bank of America Corp has a 52 week low of $22.07 and a 52 week high of $32.67. The company has a market cap of $312,013.81, a PE ratio of 20.08, a P/E/G ratio of 1.54 and a beta of 1.41.
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 given a dividend of $0.12 per share. 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 payout ratio is currently 30.97%.
Bank of America declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several analysts have recently commented on BAC shares. Barclays raised their target price on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada restated a “buy” rating and issued a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Instinet reduced their target price on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday, January 2nd. Finally, BMO Capital Markets restated a “hold” rating and issued a $31.00 target price on shares of Bank of America in a research note on Monday, January 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $29.99.
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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