GHP Investment Advisors Inc. lifted its stake in Bank of America Corp (NYSE:BAC) by 5.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 64,001 shares of the financial services provider’s stock after acquiring an additional 3,461 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Bank of America were worth $1,885,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. ProShare Advisors LLC increased its stake in Bank of America by 3.0% during the 1st quarter. ProShare Advisors LLC now owns 3,070,316 shares of the financial services provider’s stock worth $92,079,000 after buying an additional 88,028 shares during the period. FIL Ltd increased its stake in Bank of America by 6.3% during the 1st quarter. FIL Ltd now owns 5,727,243 shares of the financial services provider’s stock worth $171,760,000 after buying an additional 339,409 shares during the period. united american securities inc. d b a uas asset management increased its stake in Bank of America by 47.4% during the 1st quarter. united american securities inc. d b a uas asset management now owns 140,265 shares of the financial services provider’s stock worth $4,207,000 after buying an additional 45,115 shares during the period. HRT Financial LLC purchased a new stake in Bank of America during the 1st quarter worth approximately $648,000. Finally, PCJ Investment Counsel Ltd. increased its stake in Bank of America by 8.5% during the 1st quarter. PCJ Investment Counsel Ltd. now owns 90,000 shares of the financial services provider’s stock worth $2,699,000 after buying an additional 7,040 shares during the period. Hedge funds and other institutional investors own 65.08% of the company’s stock.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.10% of the company’s stock.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The company had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the prior year, the firm posted $0.48 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, research analysts forecast that Bank of America Corp will post 2.52 earnings per share for the current year.
Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 7th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, September 6th. This is an increase 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%.
Several equities research analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. BMO Capital Markets upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $34.19.
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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