State of Wisconsin Investment Board lifted its holdings in shares of Bank of America Corp (NYSE:BAC) by 3.6% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,012,773 shares of the financial services provider’s stock after buying an additional 490,249 shares during the period. Bank of America comprises about 1.0% of State of Wisconsin Investment Board’s portfolio, making the stock its 10th biggest holding. State of Wisconsin Investment Board owned about 0.13% of Bank of America worth $355,084,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Korea Investment CORP increased its holdings in Bank of America by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after purchasing an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after purchasing an additional 1,079,788 shares in the last quarter. Legal & General Group Plc increased its holdings in Bank of America by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after purchasing an additional 1,007,405 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Bank of America by 27.8% in the 2nd 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 purchasing an additional 9,612,342 shares in the last quarter. 68.42% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on BAC shares. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Barclays increased their price target on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday. Credit Suisse Group reissued an “outperform” rating on shares of Bank of America in a research note on Tuesday, October 10th. Finally, Vetr raised Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price target for the company in a research note on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $27.24.
Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the 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 company 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 earned $0.41 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. research analysts forecast that Bank of America Corp will post 1.79 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.61%. Bank of America’s payout ratio is currently 27.43%.
Bank of America declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
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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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