Strategic Wealth Advisors Group LLC Purchases 8,141 Shares of Bank of America Corp (BAC)
Strategic Wealth Advisors Group LLC raised its position in Bank of America Corp (NYSE:BAC) by 2.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 296,042 shares of the financial services provider’s stock after acquiring an additional 8,141 shares during the quarter. Bank of America makes up about 1.2% of Strategic Wealth Advisors Group LLC’s holdings, making the stock its 22nd largest holding. Strategic Wealth Advisors Group LLC’s holdings in Bank of America were worth $7,502,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $100,000. Chicago Partners Investment Group LLC grew its stake in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the period. MPS Loria Financial Planners LLC acquired a new position in shares of Bank of America during the 2nd quarter worth $115,000. Legacy Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth $115,000. Finally, Bristlecone Advisors LLC acquired a new stake in Bank of America in the 3rd quarter valued at about $128,000. 68.46% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on the stock. ValuEngine cut shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. Vetr cut 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 research note on Wednesday, January 10th. Robert W. Baird reissued a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a research note on Sunday, October 1st. Deutsche Bank reissued a “hold” rating and issued a $25.00 price objective (up from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Finally, BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. Bank of America has a consensus rating of “Buy” and an average price target of $29.14.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for 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 company’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. research analysts anticipate that Bank of America Corp will post 1.79 earnings per share for the current year.
The business also recently disclosed 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. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Bank of America’s payout ratio is currently 27.91%.
Bank of America declared 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 repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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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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