Davidson Investment Advisors raised its position in Bank of America Corp (NYSE:BAC) by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 631,928 shares of the financial services provider’s stock after acquiring an additional 9,471 shares during the quarter. Bank of America makes up 1.9% of Davidson Investment Advisors’ investment portfolio, making the stock its 13th largest position. Davidson Investment Advisors’ holdings in Bank of America were worth $18,655,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. 1ST Source Bank increased its position in shares of Bank of America by 4.8% during the third quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock valued at $2,056,000 after buying an additional 3,690 shares during the period. Teacher Retirement System of Texas increased its position in shares of Bank of America by 1.9% during the third quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock valued at $172,469,000 after buying an additional 128,510 shares during the period. TIAA FSB purchased a new position in shares of Bank of America during the second quarter valued at about $2,400,000. Personal Capital Advisors Corp purchased a new position in shares of Bank of America during the third quarter valued at about $311,000. Finally, Bronfman E.L. Rothschild L.P. increased its position in shares of Bank of America by 7.5% during the third quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock valued at $1,639,000 after buying an additional 4,537 shares during the period. Hedge funds and other institutional investors own 69.84% of the company’s stock.
BAC has been the topic of several research analyst reports. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research report on Thursday, December 14th. Wells Fargo set a $35.00 price target on shares of Bank of America and gave the company a “buy” rating in a research report on Wednesday, December 20th. Barclays boosted their price target on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research 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 target on the stock in a research report on Tuesday, January 2nd. Nine equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $30.93.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.40 earnings per share. equities analysts predict that Bank of America Corp will post 2.47 earnings per share for the current year.
The company 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 dividend payout ratio is presently 26.23%.
Bank of America declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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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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