Proffitt & Goodson Inc. Has $1.41 Million Position in Bank of America Corp (BAC)
Proffitt & Goodson Inc. cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 11.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 47,628 shares of the financial services provider’s stock after selling 6,398 shares during the quarter. Bank of America comprises about 0.6% of Proffitt & Goodson Inc.’s investment portfolio, making the stock its 20th biggest holding. Proffitt & Goodson Inc.’s holdings in Bank of America were worth $1,406,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Burt Wealth Advisors lifted its position in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares during the period. MPS Loria Financial Planners LLC purchased a new position in shares of Bank of America in the 2nd quarter worth about $115,000. Legacy Advisors LLC purchased a new position in shares of Bank of America in the 3rd quarter worth about $115,000. HWG Holdings LP purchased a new position in shares of Bank of America in the 3rd quarter worth about $116,000. Finally, Bristlecone Advisors LLC purchased a new position in shares of Bank of America in the 3rd quarter worth about $128,000. Hedge funds and other institutional investors own 68.83% of the company’s stock.
Shares of Bank of America Corp (BAC) opened at $31.63 on Monday. 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 12 month low of $22.07 and a 12 month high of $32.85. The stock has a market capitalization of $324,007.91, a PE ratio of 17.38, a PEG ratio of 1.60 and a beta of 1.36.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.52%. Bank of America’s dividend payout ratio (DPR) is presently 30.97%.
A number of research firms have recently commented on BAC. BMO Capital Markets raised their price objective on 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 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 Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Vining Sparks restated a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a report on Wednesday, January 17th. Finally, Morgan Stanley raised their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $30.35.
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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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