CNA Financial Corp lowered its position in Bank of America Corp (NYSE:BAC) by 16.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115,107 shares of the financial services provider’s stock after selling 22,418 shares during the period. CNA Financial Corp’s holdings in Bank of America were worth $3,398,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of 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 purchasing an additional 9,117,007 shares during the last quarter. Legal & General Group Plc increased its holdings in Bank of America by 0.7% during the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after buying an additional 379,854 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Bank of America by 27.8% during 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 last quarter. Canada Pension Plan Investment Board increased its holdings in Bank of America by 13.6% during 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 last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in Bank of America by 2.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 34,266,899 shares of the financial services provider’s stock worth $1,011,383,000 after buying an additional 867,039 shares during the last quarter. Institutional investors own 69.84% of the company’s stock.
NYSE:BAC opened at $29.99 on Friday. The stock has a market capitalization of $307,208.28, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $33.05.
Bank of America declared that its board has approved a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 2nd were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.60%. Bank of America’s payout ratio is 26.23%.
A number of analysts recently issued reports on BAC shares. 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. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a report on Thursday, December 14th. 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. Barclays raised their price objective on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. 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 for the company in a report on Tuesday, January 2nd. Nine investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Bank of America has a consensus rating of “Buy” and a consensus target price of $30.93.
About Bank of America
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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