Nan Shan Life Insurance Co. Ltd. raised its stake in shares of Bank of America Co. (NYSE:BAC) by 30.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 906,101 shares of the financial services provider’s stock after buying an additional 208,961 shares during the quarter. Nan Shan Life Insurance Co. Ltd.’s holdings in Bank of America were worth $27,464,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. Personal CFO Solutions LLC raised its stake in Bank of America by 8.1% during the fourth quarter. Personal CFO Solutions LLC now owns 12,212 shares of the financial services provider’s stock valued at $370,000 after buying an additional 911 shares during the last quarter. Pillar Pacific Capital Management LLC increased its holdings in shares of Bank of America by 0.4% in the 4th quarter. Pillar Pacific Capital Management LLC now owns 396,641 shares of the financial services provider’s stock worth $12,022,000 after purchasing an additional 1,770 shares in the last quarter. Stanley Laman Group Ltd. bought a new stake in shares of Bank of America in the 4th quarter worth $579,000. Cobblestone Capital Advisors LLC NY increased its holdings in shares of Bank of America by 1.5% in the 4th quarter. Cobblestone Capital Advisors LLC NY now owns 650,725 shares of the financial services provider’s stock worth $19,723,000 after purchasing an additional 9,696 shares in the last quarter. Finally, Princeton Global Asset Management LLC increased its holdings in shares of Bank of America by 3.8% in the 4th quarter. Princeton Global Asset Management LLC now owns 83,443 shares of the financial services provider’s stock worth $2,529,000 after purchasing an additional 3,081 shares in the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.
A number of analysts have commented on the company. Smith Barney Citigroup raised Bank of America from a “neutral” rating to a “buy” rating in a report on Monday, January 11th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and lifted their target price for the stock from $27.00 to $36.00 in a report on Tuesday, January 5th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $31.00 to $37.00 in a report on Monday, January 11th. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Friday, January 22nd. Finally, Morgan Stanley lifted their price objective on Bank of America from $34.00 to $36.00 and gave the stock an “underweight” rating in a report on Wednesday, January 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company’s stock. Bank of America has an average rating of “Buy” and a consensus target price of $33.13.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The business had revenue of $20.10 billion during the quarter, compared to the consensus estimate of $20.76 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.74 earnings per share. On average, sell-side analysts predict that Bank of America Co. will post 1.84 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 26th. Stockholders of record on Friday, March 5th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, March 4th. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
Bank of America declared that its Board of Directors has approved a share buyback program on Tuesday, January 19th that authorizes the company to buyback $2.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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