Gluskin Sheff & Assoc Inc. grew its stake in shares of Bank of America Corp (NYSE:BAC) by 45.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,956,850 shares of the financial services provider’s stock after purchasing an additional 615,258 shares during the period. Bank of America comprises about 5.1% of Gluskin Sheff & Assoc Inc.’s holdings, making the stock its 3rd biggest holding. Gluskin Sheff & Assoc Inc.’s holdings in Bank of America were worth $49,587,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new position in Bank of America in the 2nd quarter worth about $100,000. Chicago Partners Investment Group LLC increased its position in Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in Bank of America in the 2nd quarter worth about $115,000. Legacy Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at about $115,000. Finally, Bristlecone Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at about $128,000. 68.43% of the stock is owned by institutional investors and hedge funds.
Bank of America Corp (NYSE:BAC) opened at $30.66 on Friday. The firm has a market capitalization of $319,800.00, a PE ratio of 17.83, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a twelve month low of $22.01 and a twelve month high of $30.73.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same quarter in the previous year, the business earned $0.41 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. equities analysts predict that Bank of America Corp will post 1.79 EPS for the current year.
Bank of America declared that its board has approved a stock repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.
BAC has been the topic of a number of analyst reports. BidaskClub raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Deutsche Bank reaffirmed a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Robert W. Baird reaffirmed a “hold” rating and issued a $24.00 target price on shares of Bank of America in a report on Sunday, October 1st. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $25.08 target price on the stock. in a report on Wednesday, October 4th. Finally, Citigroup reiterated a “neutral” rating and issued a $27.00 price objective (up previously from $25.00) on shares of Bank of America in a research report on Monday, October 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $29.14.
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.