Abbot Financial Management Inc. trimmed its holdings in Bank of America Corp (NYSE:BAC) by 1.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 138,602 shares of the financial services provider’s stock after selling 1,996 shares during the period. Bank of America accounts for about 3.2% of Abbot Financial Management Inc.’s holdings, making the stock its 3rd biggest holding. Abbot Financial Management Inc.’s holdings in Bank of America were worth $3,837,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. TIAA FSB purchased a new position in Bank of America during the second quarter worth about $2,400,000. Lbmc Investment Advisors LLC boosted 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 buying an additional 51 shares during the period. Stephens Inc. AR boosted its stake in Bank of America by 1.1% during the second quarter. Stephens Inc. AR now owns 846,608 shares of the financial services provider’s stock worth $20,539,000 after buying an additional 8,956 shares during the period. Synovus Financial Corp boosted its stake in Bank of America by 11.7% during the second quarter. Synovus Financial Corp now owns 594,179 shares of the financial services provider’s stock worth $14,416,000 after buying an additional 62,064 shares during the period. Finally, YHB Investment Advisors Inc. boosted its stake in Bank of America by 17.2% during the second quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock worth $3,917,000 after buying an additional 23,729 shares during the period. Hedge funds and other institutional investors own 68.42% of the company’s stock.

Bank of America Corp (NYSE BAC) opened at $29.88 on Monday. The company has a market cap of $311,670.00, a price-to-earnings ratio of 17.37, a PEG ratio of 2.07 and a beta of 1.31. Bank of America Corp has a 1-year low of $21.77 and a 1-year high of $30.03. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. analysts predict that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. Bank of America’s payout ratio is 27.91%.

Bank of America declared that its Board of Directors has initiated 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

BAC has been the subject of several research analyst reports. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a research note on Monday, October 16th. Deutsche Bank reaffirmed a “hold” rating and set a $25.00 target price (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. Wells Fargo & Co set a $35.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research note on Wednesday, December 20th. Finally, BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and a consensus price target of $26.72.

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Bank of America Company 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)

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