R. G. Niederhoffer Capital Management Inc. Takes Position in Bank of America Corp (BAC)
R. G. Niederhoffer Capital Management Inc. bought a new position in Bank of America Corp (NYSE:BAC) in the third quarter, according to its most recent filing with the SEC. The firm bought 12,000 shares of the financial services provider’s stock, valued at approximately $304,000. Bank of America makes up 2.0% of R. G. Niederhoffer Capital Management Inc.’s investment portfolio, making the stock its 23rd largest position.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its position in Bank of America by 4.8% during the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 1,207,972 shares of the financial services provider’s stock worth $30,838,000 after buying an additional 55,280 shares during the last quarter. Bingham Osborn & Scarborough LLC raised its position in Bank of America by 2.6% during the 3rd quarter. Bingham Osborn & Scarborough LLC now owns 89,346 shares of the financial services provider’s stock worth $2,264,000 after buying an additional 2,225 shares during the last quarter. FDx Advisors Inc. raised its position in Bank of America by 6.0% during the 3rd quarter. FDx Advisors Inc. now owns 340,588 shares of the financial services provider’s stock worth $8,631,000 after buying an additional 19,396 shares during the last quarter. Community Trust & Investment Co. raised its position in Bank of America by 1.7% during the 3rd quarter. Community Trust & Investment Co. now owns 1,119,791 shares of the financial services provider’s stock worth $28,376,000 after buying an additional 18,316 shares during the last quarter. Finally, Pax World Management LLC raised its position in Bank of America by 0.6% during the 3rd quarter. Pax World Management LLC now owns 823,740 shares of the financial services provider’s stock worth $20,874,000 after buying an additional 5,300 shares during the last quarter. Institutional investors own 68.43% of the company’s stock.
A number of equities analysts have issued reports on the stock. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target for the company. in a research report on Wednesday. Societe Generale lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. BMO Capital Markets reissued a “hold” rating and set a $31.00 price target on shares of Bank of America in a research report on Monday. Credit Suisse Group raised shares of Bank of America to an “outperform” rating and raised their price target for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. Finally, Instinet reduced their price target on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $29.14.
Bank of America Corp (BAC) opened at $30.66 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market cap of $319,800.00, a P/E ratio of 17.83, a PEG ratio of 1.71 and a beta of 1.32. Bank of America Corp has a 1-year low of $22.01 and a 1-year high of $30.73.
Bank of America (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. sell-side analysts anticipate that Bank of America Corp will post 1.79 earnings per share for the current year.
Bank of America announced that its board has initiated a share repurchase 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 buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is 27.91%.
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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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