Sit Investment Associates Inc. grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 53,412.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 450,041 shares of the financial services provider’s stock after acquiring an additional 449,200 shares during the period. Sit Investment Associates Inc.’s holdings in Bank of America were worth $11,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Peddock Capital Advisors LLC boosted its holdings in Bank of America by 2.9% in the 1st quarter. Peddock Capital Advisors LLC now owns 59,130 shares of the financial services provider’s stock worth $1,395,000 after buying an additional 1,694 shares during the period. CI Investments Inc. boosted its holdings in Bank of America by 13.1% in the 1st quarter. CI Investments Inc. now owns 6,523,837 shares of the financial services provider’s stock worth $153,897,000 after buying an additional 756,738 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Bank of America by 28.4% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 743,649 shares of the financial services provider’s stock worth $17,543,000 after buying an additional 164,379 shares during the period. Mraz Amerine & Associates Inc. boosted its holdings in Bank of America by 0.8% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 25,412 shares of the financial services provider’s stock worth $593,000 after buying an additional 210 shares during the period. Finally, Caldwell & Orkin Inc. boosted its holdings in Bank of America by 55.9% in the 1st quarter. Caldwell & Orkin Inc. now owns 126,465 shares of the financial services provider’s stock worth $2,983,000 after buying an additional 45,365 shares during the period. 68.56% of the stock is owned by hedge funds and other institutional investors.

Shares of Bank of America Corp (BAC) opened at $29.04 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market cap of $302,904.94, a PE ratio of 16.59, a PEG ratio of 2.01 and a beta of 1.31. Bank of America Corp has a 1 year low of $21.77 and a 1 year high of $29.50.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to analysts’ expectations 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 revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 EPS. sell-side analysts anticipate that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is 27.43%.

Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Several brokerages recently weighed in on BAC. Robert W. Baird reaffirmed a “hold” rating and issued a $24.00 target price on shares of Bank of America in a report on Sunday, October 1st. Deutsche Bank reaffirmed a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 target price on shares of Bank of America in a report on Friday, December 8th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $26.55.

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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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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