Stewardship Financial Advisors LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the first quarter, Holdings Channel reports. The institutional investor bought 5,661 shares of the financial services provider’s stock, valued at approximately $219,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Lazard Freres Gestion S.A.S. purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $53,635,000. Ritholtz Wealth Management grew its position in Bank of America by 14.3% in the 4th quarter. Ritholtz Wealth Management now owns 40,124 shares of the financial services provider’s stock valued at $1,216,000 after buying an additional 5,020 shares during the last quarter. Keybank National Association OH grew its position in Bank of America by 0.3% in the 4th quarter. Keybank National Association OH now owns 3,121,358 shares of the financial services provider’s stock valued at $94,608,000 after buying an additional 9,498 shares during the last quarter. Monterey Private Wealth Inc. acquired a new position in Bank of America in the 4th quarter valued at $616,000. Finally, Anchor Capital Advisors LLC purchased a new position in Bank of America during the 4th quarter worth $1,255,000. Institutional investors and hedge funds own 68.10% of the company’s stock.
A number of brokerages have recently issued reports on BAC. Daiwa Capital Markets started coverage on shares of Bank of America in a research note on Wednesday, January 6th. They set a “neutral” rating and a $31.00 price target on the stock. Credit Suisse Group boosted their target price on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 20th. Deutsche Bank Aktiengesellschaft raised their price target on Bank of America from $35.00 to $44.00 and gave the company a “buy” rating in a report on Thursday, April 1st. Jefferies Financial Group boosted their price objective on shares of Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a report on Friday, April 9th. Finally, Robert W. Baird increased their target price on shares of Bank of America from $38.00 to $42.00 and gave the company an “outperform” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $37.32.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.21. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.67 billion. During the same period in the prior year, the firm posted $0.40 EPS. The company’s revenue was up .1% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 1.84 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Friday, March 5th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend was Thursday, March 4th. Bank of America’s dividend payout ratio is currently 24.49%.
Bank of America announced that its board has approved a share repurchase program on Tuesday, January 19th that permits the company to buyback $2.90 billion in shares. This buyback authorization permits the financial services provider to purchase up to 1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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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