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TCW Group Inc. lessened its stake in Bank of America Corp (NYSE:BAC) by 10.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 89,100 shares of the financial services provider’s stock after selling 10,900 shares during the quarter. TCW Group Inc.’s holdings in Bank of America were worth $2,258,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Trust Co grew its position in Bank of America by 7.4% in the first quarter. Trust Co now owns 152,988 shares of the financial services provider’s stock worth $3,609,000 after acquiring an additional 10,485 shares in the last quarter. Burns J W & Co. Inc. NY grew its position in Bank of America by 6.2% in the second quarter. Burns J W & Co. Inc. NY now owns 38,299 shares of the financial services provider’s stock worth $929,000 after acquiring an additional 2,251 shares in the last quarter. Beacon Financial Group grew its position in Bank of America by 17.6% in the second quarter. Beacon Financial Group now owns 15,799 shares of the financial services provider’s stock worth $384,000 after acquiring an additional 2,369 shares in the last quarter. Neville Rodie & Shaw Inc. grew its position in Bank of America by 21.2% in the second quarter. Neville Rodie & Shaw Inc. now owns 51,735 shares of the financial services provider’s stock worth $1,255,000 after acquiring an additional 9,052 shares in the last quarter. Finally, First Command Bank grew its position in Bank of America by 99.8% in the second quarter. First Command Bank now owns 30,620 shares of the financial services provider’s stock worth $742,000 after acquiring an additional 15,296 shares in the last quarter. Hedge funds and other institutional investors own 68.43% of the company’s stock.
Shares of Bank of America Corp (NYSE:BAC) opened at $31.19 on Friday. 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 1-year low of $22.01 and a 1-year high of $31.20. The firm 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 issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates 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 in the prior year, the firm earned $0.41 EPS. The business’s revenue was up 2.1% on a year-over-year basis. equities research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.
Several analysts have commented on the stock. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 target price for the company. in a research report on Wednesday. Robert W. Baird reaffirmed a “hold” rating and set a $24.00 price objective on shares of Bank of America in a report on Sunday, October 1st. Deutsche Bank reaffirmed a “hold” rating and set a $25.00 price objective (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. BMO Capital Markets reaffirmed a “hold” rating and set a $31.00 price objective on shares of Bank of America in a report on Monday, January 8th. Finally, BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $29.14.
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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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