J.P. Marvel Investment Advisors LLC Continues to Hold Stake in Bank of America Corp (BAC)
J.P. Marvel Investment Advisors LLC held its stake in shares of Bank of America Corp (NYSE:BAC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 174,965 shares of the financial services provider’s stock at the end of the 2nd quarter. J.P. Marvel Investment Advisors LLC’s holdings in Bank of America were worth $4,245,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the company. GSB Wealth Management LLC boosted its stake in Bank of America by 0.3% during the 2nd quarter. GSB Wealth Management LLC now owns 32,934 shares of the financial services provider’s stock worth $799,000 after acquiring an additional 105 shares during the last quarter. Sentry Investment Management LLC boosted its stake in Bank of America by 1.1% during the 2nd quarter. Sentry Investment Management LLC now owns 793,893 shares of the financial services provider’s stock worth $19,260,000 after acquiring an additional 8,349 shares during the last quarter. WFG Advisors LP boosted its stake in Bank of America by 1.2% during the 2nd quarter. WFG Advisors LP now owns 50,237 shares of the financial services provider’s stock worth $1,219,000 after acquiring an additional 607 shares during the last quarter. Blockhouse Capital Management LP bought a new position in Bank of America during the 2nd quarter worth approximately $2,965,000. Finally, Cetera Investment Advisers boosted its stake in Bank of America by 28.1% during the 2nd quarter. Cetera Investment Advisers now owns 52,109 shares of the financial services provider’s stock worth $1,266,000 after acquiring an additional 11,439 shares during the last quarter. Institutional investors own 68.56% of the company’s stock.
Several research analysts recently weighed in on BAC shares. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective on the stock in a research note on Monday, October 16th. Deutsche Bank reissued a “hold” rating and set a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Finally, Royal Bank of Canada lifted their price target on shares of Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. Bank of America currently 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. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the previous year, the company earned $0.41 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. analysts anticipate that Bank of America Corp will post 1.8 EPS for the current year.
Bank of America declared that its board has approved a stock buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The business 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 $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. Bank of America’s dividend payout ratio is currently 27.43%.
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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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