NEXT Financial Group Inc lowered its holdings in shares of Bank of America Corp (NYSE:BAC) by 16.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 59,302 shares of the financial services provider’s stock after selling 11,628 shares during the period. NEXT Financial Group Inc’s holdings in Bank of America were worth $1,751,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of the stock. E&G Advisors LP boosted its holdings in shares of Bank of America by 2.3% during the fourth quarter. E&G Advisors LP now owns 83,126 shares of the financial services provider’s stock worth $2,454,000 after acquiring an additional 1,903 shares during the period. Baltimore Washington Financial Advisors Inc. bought a new stake in shares of Bank of America during the fourth quarter worth approximately $463,000. 440 Investment Group LLC bought a new stake in shares of Bank of America during the fourth quarter worth approximately $465,000. Hudson Valley Investment Advisors Inc. ADV boosted its holdings in shares of Bank of America by 5.0% during the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 192,028 shares of the financial services provider’s stock worth $5,669,000 after acquiring an additional 9,181 shares during the period. Finally, Legacy Private Trust Co. boosted its stake in shares of Bank of America by 17.9% in the fourth quarter. Legacy Private Trust Co. now owns 34,234 shares of the financial services provider’s stock valued at $1,011,000 after buying an additional 5,195 shares during the period. Institutional investors and hedge funds own 68.67% of the company’s stock.
Several equities research analysts recently issued reports on the company. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley boosted their price target on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Vetr upgraded Bank of America from a “strong sell” rating to a “sell” rating and set a $31.16 price target for the company in a research note on Monday. Royal Bank of Canada boosted their price target on Bank of America to $35.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Finally, Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $30.21.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. equities research analysts anticipate that Bank of America Corp will post 2.46 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.
Bank of America declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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