Cumberland Partners Ltd grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 40.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 534,175 shares of the financial services provider’s stock after acquiring an additional 154,100 shares during the period. Bank of America comprises 1.8% of Cumberland Partners Ltd’s holdings, making the stock its 24th largest holding. Cumberland Partners Ltd’s holdings in Bank of America were worth $13,536,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in BAC. Janus Henderson Group PLC raised its stake in Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after buying an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after buying an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. raised its stake in Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after buying an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD raised its stake in Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after buying an additional 7,231,615 shares during the last quarter. 68.42% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on BAC. Robert W. Baird reissued a “hold” rating and set a $24.00 target price on shares of Bank of America in a research note on Sunday, October 1st. Deutsche Bank reissued a “hold” rating and set a $25.00 target price (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Vetr raised shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 target price for the company in a research note on Monday, October 9th. Finally, Citigroup reissued a “neutral” rating and set a $27.00 target price (up previously from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Two 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 given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $26.72.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The firm had revenue of $22.08 billion during 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% on a year-over-year basis. During the same period last year, the company earned $0.41 earnings per share. sell-side analysts anticipate that Bank of America Corp will post 1.79 EPS for the current fiscal year.
The firm 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.43%.
Bank of America declared that its Board of Directors has initiated 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 repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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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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