Assetmark Inc. Has $21.64 Million Stake in Bank of America (BAC)

Assetmark Inc. lifted its position in shares of Bank of America (NYSE:BAC) by 56.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 733,132 shares of the financial services provider’s stock after purchasing an additional 263,088 shares during the period. Assetmark Inc.’s holdings in Bank of America were worth $21,642,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BAC. Janus Henderson Group PLC lifted its holdings in Bank of America by 587.0% in 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 period. The Manufacturers Life Insurance Company lifted 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 worth $1,070,762,000 after buying an additional 9,612,342 shares during the period. Bank of New York Mellon Corp lifted its holdings in Bank of America by 5.8% in the fourth quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after buying an additional 5,720,403 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Bank of America by 13.6% in the third quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after buying an additional 4,801,300 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Bank of America by 173.0% in the fourth quarter. SG Americas Securities LLC now owns 1,789,973 shares of the financial services provider’s stock worth $52,840,000 after buying an additional 4,243,334 shares during the period. Institutional investors own 69.84% of the company’s stock.

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BAC has been the subject of several research analyst reports. Credit Suisse Group raised their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price objective for the company in a report on Thursday, March 1st. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Wells Fargo set a $35.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a report on Wednesday, December 20th. Finally, Vining Sparks restated a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a report on Wednesday, January 17th. Nine analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $30.97.

Shares of NYSE BAC opened at $29.80 on Monday. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $33.05. The company has a market cap of $313,969.09, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.53 and a beta of 1.37. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. sell-side analysts anticipate that Bank of America will post 2.5 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 2nd were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is currently 26.23%.

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Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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