Bank of America Corp (BAC) Stake Increased by Lbmc Investment Advisors LLC
Lbmc Investment Advisors LLC lifted its position in Bank of America Corp (NYSE:BAC) by 12.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,881 shares of the financial services provider’s stock after acquiring an additional 2,030 shares during the quarter. Lbmc Investment Advisors LLC’s holdings in Bank of America were worth $478,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northwest Investment Counselors LLC bought a new position in Bank of America during the second quarter valued at about $100,000. Chicago Partners Investment Group LLC grew its position in Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the period. MPS Loria Financial Planners LLC bought a new position in Bank of America during the second quarter valued at about $115,000. Legacy Advisors LLC bought a new position in Bank of America during the third quarter valued at about $115,000. Finally, Bristlecone Advisors LLC bought a new position in Bank of America during the third quarter valued at about $128,000. Hedge funds and other institutional investors own 68.46% of the company’s stock.
Several equities analysts recently weighed in on the stock. BidaskClub upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. BMO Capital Markets restated a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America in a research report on Monday, October 16th. Royal Bank of Canada increased their price target on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Barclays increased their price target on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and a consensus price target of $29.87.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm posted $0.40 earnings per share. research analysts predict that Bank of America Corp will post 2.45 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio is currently 30.97%.
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 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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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.
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