YHB Investment Advisors Inc. boosted its position in shares of Bank of America Corp (NYSE:BAC) by 3.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,996 shares of the financial services provider’s stock after acquiring an additional 967 shares during the period. YHB Investment Advisors Inc.’s holdings in Bank of America were worth $788,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Natixis grew its holdings in Bank of America by 256.8% during the 2nd quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock worth $242,851,000 after acquiring an additional 6,200,655 shares in the last quarter. Matthew Goff Investment Advisor LLC grew its holdings in Bank of America by 2,719.0% during the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 5,310,836 shares of the financial services provider’s stock worth $188,394,000 after acquiring an additional 5,122,442 shares in the last quarter. SG Americas Securities LLC grew its holdings in Bank of America by 183.4% during the 3rd quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock worth $55,160,000 after acquiring an additional 4,117,908 shares in the last quarter. Royal London Asset Management Ltd. acquired a new position in Bank of America during the 2nd quarter worth approximately $111,692,000. Finally, CI Investments Inc. grew its holdings in Bank of America by 168.5% during the 3rd quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock worth $172,061,000 after acquiring an additional 3,665,300 shares in the last quarter. Institutional investors own 64.36% of the company’s stock.
Several research analysts have commented on BAC shares. Credit Suisse Group lowered their price target on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, December 7th. Edward Jones upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday. Jefferies Financial Group reiterated a “buy” rating on shares of Bank of America in a report on Tuesday. Keefe, Bruyette & Woods cut shares of Bank of America from an “outperform” rating to a “hold” rating and lowered their price target for the stock from $34.00 to $29.00 in a report on Tuesday, December 11th. Finally, Macquarie downgraded shares of Bank of America from an “outperform” rating to a “neutral” rating in a research report on Monday, January 7th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Buy” and a consensus price target of $33.51.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.04. The business had revenue of $22.78 billion during the quarter, compared to the consensus estimate of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 EPS. On average, equities research analysts forecast that Bank of America Corp will post 2.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 28th. Stockholders of record on Friday, December 7th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, December 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio is presently 32.79%.
About Bank of America
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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