K.J. Harrison & Partners Inc Reduces Position in Bank of America Corp (BAC)
K.J. Harrison & Partners Inc trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 3.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 87,069 shares of the financial services provider’s stock after selling 3,430 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Bank of America were worth $2,570,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Burt Wealth Advisors grew its holdings in Bank of America by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new stake in Bank of America in the 2nd quarter valued at $115,000. Legacy Advisors LLC purchased a new stake in Bank of America in the 3rd quarter valued at $115,000. HWG Holdings LP purchased a new stake in Bank of America in the 3rd quarter valued at $116,000. Finally, Bristlecone Advisors LLC purchased a new stake in Bank of America in the 3rd quarter valued at $128,000. Hedge funds and other institutional investors own 68.67% of the company’s stock.
Bank of America Corp (NYSE:BAC) opened at $31.63 on Friday. Bank of America Corp has a 12 month low of $22.07 and a 12 month high of $32.85. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $324,007.91, a PE ratio of 20.41, a P/E/G ratio of 1.61 and a beta of 1.36.
Bank of America declared that its board has initiated a stock buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.52%. The ex-dividend date is Thursday, March 1st. Bank of America’s payout ratio is 30.97%.
Several analysts have issued reports on BAC shares. Credit Suisse Group upgraded Bank of America to an “outperform” rating and upped their target price for the company from $32.00 to $35.00 in a report on Thursday, January 4th. Royal Bank of Canada restated a “buy” rating and issued a $30.00 target price on shares of Bank of America in a report on Friday, December 8th. Morgan Stanley reiterated an “overweight” rating and set a $30.00 price target (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, January 2nd. Finally, Barclays increased their price target on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $30.35.
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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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