Steadfast Capital Management LP Has $118.39 Million Stake in Bank of America Corp (BAC)
Steadfast Capital Management LP reduced its position in Bank of America Corp (NYSE:BAC) by 15.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,880,201 shares of the financial services provider’s stock after selling 896,882 shares during the quarter. Bank of America makes up about 2.2% of Steadfast Capital Management LP’s portfolio, making the stock its 18th largest position. Steadfast Capital Management LP’s holdings in Bank of America were worth $118,394,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Carret Asset Management LLC lifted its stake in shares of Bank of America by 2.1% in the second quarter. Carret Asset Management LLC now owns 185,625 shares of the financial services provider’s stock valued at $4,503,000 after buying an additional 3,750 shares in the last quarter. Green Square Capital LLC boosted its stake in Bank of America by 20.2% in the 2nd quarter. Green Square Capital LLC now owns 55,355 shares of the financial services provider’s stock worth $1,343,000 after purchasing an additional 9,314 shares during the period. Dana Investment Advisors Inc. boosted its position in shares of Bank of America by 1.9% during the 2nd quarter. Dana Investment Advisors Inc. now owns 1,381,766 shares of the financial services provider’s stock valued at $33,522,000 after acquiring an additional 26,162 shares during the last quarter. Gotham Asset Management LLC boosted its position in shares of Bank of America by 126.8% during the 2nd quarter. Gotham Asset Management LLC now owns 103,664 shares of the financial services provider’s stock valued at $2,515,000 after acquiring an additional 57,960 shares during the last quarter. Finally, Monetary Management Group Inc. boosted its position in shares of Bank of America by 22.4% during the 2nd quarter. Monetary Management Group Inc. now owns 32,800 shares of the financial services provider’s stock valued at $796,000 after acquiring an additional 6,000 shares during the last quarter. 68.56% of the stock is currently owned by institutional investors.
Bank of America Corp (NYSE BAC) opened at $28.94 on Tuesday. The firm has a market capitalization of $303,009.22, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 2.01 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 12 month low of $21.77 and a 12 month high of $29.31.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same quarter in the prior year, the company posted $0.41 EPS. The company’s quarterly revenue was up 2.1% on a year-over-year basis. equities analysts forecast that Bank of America Corp will post 1.81 EPS for the current fiscal year.
Bank of America announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.
A number of analysts recently issued reports on the company. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research report on Friday. Morgan Stanley restated an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Vetr downgraded Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price target for the company. in a research report on Monday, November 6th. J P Morgan Chase & Co increased their target price on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Finally, BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $26.32.
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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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