ICM Asset Management Inc. WA lifted its position in shares of Bank of America Corp (NYSE:BAC) by 26.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,967 shares of the financial services provider’s stock after purchasing an additional 14,837 shares during the period. Bank of America comprises 2.1% of ICM Asset Management Inc. WA’s portfolio, making the stock its 13th largest position. ICM Asset Management Inc. WA’s holdings in Bank of America were worth $1,798,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after acquiring an additional 9,117,007 shares in the last quarter. Korea Investment CORP raised its holdings in Bank of America by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after acquiring an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in Bank of America by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after acquiring an additional 1,079,788 shares in the last quarter. Legal & General Group Plc raised its holdings in Bank of America by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after acquiring an additional 1,007,405 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after acquiring an additional 9,612,342 shares in the last quarter. 68.42% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently issued reports on BAC shares. Barclays upped their price target on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday. Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday. Instinet cut their price target on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and upped their price target for the company from $32.00 to $35.00 in a report on Thursday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $27.50.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during 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 quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. equities research analysts forecast that Bank of America Corp will post 1.79 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.58%. Bank of America’s dividend payout ratio is currently 27.91%.
Bank of America declared that its board has approved a stock repurchase program on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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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