Standard Life Aberdeen plc raised its position in Bank of America Corp (NYSE:BAC) by 2.3% during the third quarter, HoldingsChannel.com reports. The firm owned 20,334,753 shares of the financial services provider’s stock after buying an additional 455,380 shares during the quarter. Bank of America comprises 1.1% of Standard Life Aberdeen plc’s investment portfolio, making the stock its 16th biggest position. Standard Life Aberdeen plc’s holdings in Bank of America were worth $599,163,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in BAC. Cognios Capital LLC grew its position in shares of Bank of America by 4.1% during the 2nd quarter. Cognios Capital LLC now owns 65,984 shares of the financial services provider’s stock valued at $1,860,000 after acquiring an additional 2,592 shares during the period. Copperwynd Financial LLC boosted its holdings in Bank of America by 60.5% in the 2nd quarter. Copperwynd Financial LLC now owns 33,399 shares of the financial services provider’s stock worth $942,000 after buying an additional 12,586 shares during the period. NuWave Investment Management LLC boosted its holdings in Bank of America by 855.3% in the 2nd quarter. NuWave Investment Management LLC now owns 28,773 shares of the financial services provider’s stock worth $811,000 after buying an additional 25,761 shares during the period. Picton Mahoney Asset Management boosted its holdings in Bank of America by 12.3% in the 2nd quarter. Picton Mahoney Asset Management now owns 998,100 shares of the financial services provider’s stock worth $28,139,000 after buying an additional 109,400 shares during the period. Finally, Segantii Capital Management Ltd bought a new position in Bank of America in the 2nd quarter worth approximately $2,819,000. Institutional investors own 64.39% of the company’s stock.
NYSE BAC opened at $25.43 on Friday. Bank of America Corp has a 1 year low of $25.30 and a 1 year high of $33.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $269.20 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.29 and a beta of 1.27.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.36%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.
Several research firms recently commented on BAC. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Credit Suisse Group cut their price objective 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. Wolfe Research began coverage on shares of Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. Finally, BMO Capital Markets raised their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Tuesday, October 16th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Bank of America currently has an average rating of “Buy” and a consensus target price of $34.55.
COPYRIGHT VIOLATION WARNING: This article was posted by BBNS and is owned by of BBNS. If you are viewing this article on another website, it was illegally stolen and republished in violation of United States and international copyright & trademark law. The correct version of this article can be read at https://baseballnewssource.com/2018/12/08/bank-of-america-corp-bac-shares-bought-by-standard-life-aberdeen-plc/3065462.html.
Bank of America Company Profile
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.
Read More: What is Cost of Debt?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.