Bank of America Corp (BAC) Holdings Boosted by Wealthfront Inc.
Wealthfront Inc. raised its stake in shares of Bank of America Corp (NYSE:BAC) by 6.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 385,334 shares of the financial services provider’s stock after acquiring an additional 22,398 shares during the period. Bank of America comprises approximately 0.1% of Wealthfront Inc.’s investment portfolio, making the stock its 29th largest holding. Wealthfront Inc.’s holdings in Bank of America were worth $9,348,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of BAC. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Bank of America during the 2nd quarter valued at $1,017,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 2nd quarter valued at $100,000. Chicago Partners Investment Group LLC increased its position in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of Bank of America by 47.1% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after purchasing an additional 1,850 shares during the last quarter. Finally, Lenox Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the 2nd quarter valued at $144,000. Institutional investors and hedge funds own 68.28% of the company’s stock.
Several equities research analysts recently weighed in on BAC shares. Wells Fargo & Company started coverage on Bank of America in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price objective for the company. Jefferies Group reissued a “buy” rating and issued a $28.00 price objective on shares of Bank of America in a report on Friday, August 11th. Vetr raised Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.29 price objective for the company in a report on Monday, August 21st. Robert W. Baird reissued a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a report on Friday, August 25th. Finally, BidaskClub lowered Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and an average target price of $26.25.
Shares of Bank of America Corp (NYSE:BAC) opened at $29.06 on Tuesday. The stock has a market capitalization of $293,100.16, a PE ratio of 16.06, a PEG ratio of 1.94 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corp has a 12-month low of $21.46 and a 12-month high of $29.31.
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 (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the company posted $0.41 EPS. sell-side analysts forecast that Bank of America Corp will post 1.81 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.65%. Bank of America’s payout ratio is 27.43%.
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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