Stillwater Investment Management LLC Increases Position in Bank of America Corp (BAC)
Stillwater Investment Management LLC increased its holdings in Bank of America Corp (NYSE:BAC) by 52.0% during the fourth quarter, HoldingsChannel reports. The firm owned 158,004 shares of the financial services provider’s stock after acquiring an additional 54,057 shares during the quarter. Bank of America makes up 3.4% of Stillwater Investment Management LLC’s portfolio, making the stock its 6th biggest holding. Stillwater Investment Management LLC’s holdings in Bank of America were worth $5,567,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Vantage Financial Partners Ltd. Inc. purchased a new position in Bank of America in the 2nd quarter worth approximately $1,017,000. Burt Wealth Advisors raised its holdings in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after acquiring an additional 4,294 shares in the last quarter. HWG Holdings LP purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $116,000. MPS Loria Financial Planners LLC purchased a new stake in shares of Bank of America during the 2nd quarter worth approximately $115,000. Finally, Legacy Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $115,000. 69.28% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on BAC shares. Barclays upped their price objective on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Instinet decreased their price objective on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Tuesday, January 2nd. Finally, 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. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the company’s stock. Bank of America has an average rating of “Buy” and an average price target of $29.99.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the prior year, the firm posted $0.40 EPS. Bank of America’s quarterly revenue was up 3.5% compared to the same quarter last year. equities analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
Bank of America announced that its board has authorized a stock buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.54%. Bank of America’s payout ratio is presently 31.17%.
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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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