Unison Asset Management LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 3.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 179,481 shares of the financial services provider’s stock after purchasing an additional 5,219 shares during the quarter. Bank of America accounts for about 6.4% of Unison Asset Management LLC’s investment portfolio, making the stock its 4th largest position. Unison Asset Management LLC’s holdings in Bank of America were worth $6,944,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the business. Regal Wealth Group Inc. lifted its holdings in shares of Bank of America by 7.7% in the first quarter. Regal Wealth Group Inc. now owns 3,558 shares of the financial services provider’s stock worth $138,000 after buying an additional 253 shares in the last quarter. Family Legacy Inc. increased its position in Bank of America by 1.2% in the first quarter. Family Legacy Inc. now owns 22,567 shares of the financial services provider’s stock worth $873,000 after purchasing an additional 264 shares during the last quarter. IMS Capital Management increased its position in Bank of America by 1.6% in the first quarter. IMS Capital Management now owns 17,274 shares of the financial services provider’s stock worth $668,000 after purchasing an additional 277 shares during the last quarter. PDS Planning Inc increased its position in Bank of America by 2.7% in the first quarter. PDS Planning Inc now owns 10,744 shares of the financial services provider’s stock worth $416,000 after purchasing an additional 285 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC increased its position in Bank of America by 3.7% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 8,856 shares of the financial services provider’s stock worth $268,000 after purchasing an additional 312 shares during the last quarter. 68.10% of the stock is currently owned by institutional investors and hedge funds.
BAC has been the topic of a number of analyst reports. Atlantic Securities upgraded shares of Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 price objective on the stock in a research report on Tuesday, January 26th. Royal Bank of Canada boosted their price objective on shares of Bank of America from $37.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, April 16th. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective on the stock in a research report on Monday, April 19th. Robert W. Baird cut shares of Bank of America from an “outperform” rating to a “neutral” rating and set a $42.00 price target on the stock. in a report on Tuesday. They noted that the move was a valuation call. Finally, Barclays upped their price target on shares of Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, April 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $38.26.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.21. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.67 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 earnings per share. As a group, research analysts anticipate that Bank of America Co. will post 1.84 EPS for the current year.
Bank of America announced that its board has initiated a share buyback program on Tuesday, January 19th that allows the company to buyback $2.90 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 25th. Stockholders of record on Friday, June 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Thursday, June 3rd. Bank of America’s payout ratio is 24.49%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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