Cetera Advisor Networks LLC lifted its position in shares of Bank of America Corp (NYSE:BAC) by 12.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 153,125 shares of the financial services provider’s stock after purchasing an additional 16,362 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Bank of America were worth $4,533,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in BAC. Burt Wealth Advisors boosted its position in shares of Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC bought a new position in shares of Bank of America during the second quarter worth $115,000. Legacy Advisors LLC bought a new position in shares of Bank of America during the third quarter worth $115,000. HWG Holdings LP bought a new position in shares of Bank of America during the third quarter worth $116,000. Finally, Bristlecone Advisors LLC bought a new position in shares of Bank of America during the third quarter worth $128,000. 69.84% of the stock is currently owned by institutional investors.
Shares of BAC stock opened at $29.99 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $33.05. The firm has a market capitalization of $307,208.28, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36.
Bank of America announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 2nd were paid a $0.12 dividend. The ex-dividend date was Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.60%. Bank of America’s payout ratio is currently 26.23%.
A number of equities analysts have recently weighed in on BAC shares. Barclays lifted their price target on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Instinet dropped their price objective on shares of Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. Royal Bank of Canada restated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. BMO Capital Markets restated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a report on Monday, January 8th. Finally, Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Tuesday, January 2nd. Nine research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $30.93.
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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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