Kahn Brothers Group Inc. DE Has $514,000 Holdings in Bank of America Corp (BAC)

Kahn Brothers Group Inc. DE lessened its holdings in shares of Bank of America Corp (NYSE:BAC) by 26.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,290 shares of the financial services provider’s stock after selling 7,334 shares during the quarter. Bank of America makes up approximately 0.1% of Kahn Brothers Group Inc. DE’s investment portfolio, making the stock its 28th largest position. Kahn Brothers Group Inc. DE owned approximately 194.52% of Bank of America worth $514,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Gateway Advisory LLC lifted its stake in Bank of America by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 45 shares during the last quarter. Arbor Investment Advisors LLC lifted its stake in Bank of America by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 46 shares during the last quarter. Lbmc Investment Advisors LLC lifted its stake in Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. lifted its stake in Bank of America by 0.4% during the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 54 shares during the last quarter. Finally, Altavista Wealth Management Inc. increased its holdings in shares of Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after buying an additional 68 shares in the last quarter. 68.46% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Corp (NYSE BAC) opened at $31.19 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. Bank of America Corp has a fifty-two week low of $22.01 and a fifty-two week high of $31.20. The company has a market cap of $325,330.00, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.70 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the firm earned $0.41 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. equities research analysts anticipate that Bank of America Corp will post 1.79 earnings per share for the current year.

Bank of America announced that its board has initiated a share 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. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.91%.

A number of research firms recently weighed in on BAC. Barclays increased their price objective on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Instinet decreased their price objective on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. BMO Capital Markets reiterated a “hold” rating and set a $31.00 price target on shares of Bank of America in a report on Monday, January 8th. Finally, Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $29.14.

TRADEMARK VIOLATION NOTICE: “Kahn Brothers Group Inc. DE Has $514,000 Holdings in Bank of America Corp (BAC)” was originally published by BBNS and is the sole property of of BBNS. If you are reading this piece on another site, it was illegally stolen and reposted in violation of international copyright and trademark law. The legal version of this piece can be viewed at https://baseballnewssource.com/markets/kahn-brothers-group-inc-de-has-514000-position-in-bank-of-america-corp-bac/1820299.html.

Bank of America Profile

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.

Institutional Ownership by Quarter for Bank of America (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.

 


Latest News

Report: 20-Second Clock and Limit on Mound Visits Rejected by MLBPA
Report: 20-Second Clock and Limit on Mound Visits Rejected by MLBPA
Christian Yelich’s Agent Says Relationship with Marlins is Broken
Christian Yelich’s Agent Says Relationship with Marlins is Broken
Houston Astros Add Starter to Rotation
Houston Astros Add Starter to Rotation
Sources: Mets Bringing Back Jay Bruce with Three-Year Deal
Sources: Mets Bringing Back Jay Bruce with Three-Year Deal
Justin Morneau Former Star With Twins and AL MVP Retires
Justin Morneau Former Star With Twins and AL MVP Retires
MLB Rumor: Pirates Discussing Andrew McCutchen with Mets
MLB Rumor: Pirates Discussing Andrew McCutchen with Mets


Leave a Reply

 
© 2006-2018 BBNS.