Oak Point Wealth Management Purchases New Stake in Bank of America Corp (BAC)
Oak Point Wealth Management purchased a new stake in Bank of America Corp (NYSE:BAC) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 16,635 shares of the financial services provider’s stock, valued at approximately $491,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Janus Henderson Group PLC boosted its holdings in Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after acquiring an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings 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 acquiring an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after acquiring an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD boosted its holdings in Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after acquiring an additional 7,231,615 shares during the last quarter. 69.28% of the stock is owned by institutional investors and hedge funds.
A number of research firms have issued reports on BAC. BMO Capital Markets lifted their price objective on shares of Bank of America to $34.00 and gave the stock an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective on the stock. in a report on Wednesday, January 10th. ValuEngine downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Finally, Vining Sparks reaffirmed a “buy” rating and set a $34.00 price objective on shares of Bank of America in a report on Wednesday, January 17th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $29.99.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same period in the previous year, the business posted $0.40 EPS. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. equities analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
Bank of America announced that its Board of Directors has initiated a share buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
The company 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. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is currently 31.17%.
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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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