Highland Capital Management LLC trimmed its position in Bank of America Corp (NYSE:BAC) by 0.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 736,298 shares of the financial services provider’s stock after selling 3,490 shares during the quarter. Bank of America accounts for 1.6% of Highland Capital Management LLC’s holdings, making the stock its 10th largest holding. Highland Capital Management LLC’s holdings in Bank of America were worth $21,691,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the business. ProShare Advisors LLC raised its stake in Bank of America by 3.0% in the first quarter. ProShare Advisors LLC now owns 3,070,316 shares of the financial services provider’s stock valued at $92,079,000 after buying an additional 88,028 shares during the last quarter. FIL Ltd raised its stake in Bank of America by 6.3% in the first quarter. FIL Ltd now owns 5,727,243 shares of the financial services provider’s stock valued at $171,760,000 after buying an additional 339,409 shares during the last quarter. united american securities inc. d b a uas asset management raised its stake in Bank of America by 47.4% in the first quarter. united american securities inc. d b a uas asset management now owns 140,265 shares of the financial services provider’s stock valued at $4,207,000 after buying an additional 45,115 shares during the last quarter. HRT Financial LLC purchased a new stake in Bank of America in the first quarter valued at about $648,000. Finally, PCJ Investment Counsel Ltd. raised its stake in Bank of America by 8.5% in the first quarter. PCJ Investment Counsel Ltd. now owns 90,000 shares of the financial services provider’s stock valued at $2,699,000 after buying an additional 7,040 shares during the last quarter. Institutional investors and hedge funds own 65.08% of the company’s stock.
A number of equities research analysts have commented on the company. BMO Capital Markets increased their price target on Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday. Wolfe Research assumed coverage on Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $34.19.
Shares of BAC stock opened at $28.90 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $301.78 billion, a PE ratio of 15.79, a PEG ratio of 1.46 and a beta of 1.30. Bank of America Corp has a fifty-two week low of $25.81 and a fifty-two week high of $33.05.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The company’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.48 earnings per share. Research analysts anticipate that Bank of America Corp will post 2.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 7th were issued a $0.15 dividend. The ex-dividend date of this dividend was Thursday, September 6th. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.08%. Bank of America’s dividend payout ratio is currently 32.79%.
Bank of America announced that its board has approved a stock repurchase program on Thursday, June 28th that authorizes the company to buyback $20.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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.
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