Princeton Global Asset Management LLC Acquires 3,081 Shares of Bank of America Co. (NYSE:BAC)


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Princeton Global Asset Management LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 3.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 83,443 shares of the financial services provider’s stock after acquiring an additional 3,081 shares during the period. Princeton Global Asset Management LLC’s holdings in Bank of America were worth $2,529,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Premier Fund Managers Ltd raised its position in Bank of America by 66.5% in the fourth quarter. Premier Fund Managers Ltd now owns 1,091,000 shares of the financial services provider’s stock worth $32,714,000 after acquiring an additional 435,600 shares during the period. Swedbank raised its position in shares of Bank of America by 1.9% during the 4th quarter. Swedbank now owns 4,878,260 shares of the financial services provider’s stock valued at $146,250,000 after purchasing an additional 92,507 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in shares of Bank of America during the 4th quarter valued at $337,000. Vectors Research Management LLC raised its position in shares of Bank of America by 1.9% during the 4th quarter. Vectors Research Management LLC now owns 26,378 shares of the financial services provider’s stock valued at $800,000 after purchasing an additional 480 shares during the period. Finally, Blume Capital Management Inc. raised its position in shares of Bank of America by 11.0% during the 4th quarter. Blume Capital Management Inc. now owns 56,661 shares of the financial services provider’s stock valued at $1,717,000 after purchasing an additional 5,600 shares during the period. Institutional investors and hedge funds own 68.10% of the company’s stock.

Shares of Bank of America stock traded up $0.69 on Tuesday, reaching $35.84. The stock had a trading volume of 1,392,150 shares, compared to its average volume of 51,915,648. The company has a 50 day moving average price of $32.38 and a 200 day moving average price of $27.88. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $17.95 and a 1 year high of $35.25. The stock has a market capitalization of $310.04 billion, a P/E ratio of 17.40, a P/E/G ratio of 2.13 and a beta of 1.59.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. The firm had revenue of $20.10 billion for the quarter, compared to the consensus estimate of $20.76 billion. During the same quarter in the previous year, the firm earned $0.74 EPS. The company’s quarterly revenue was down 9.9% compared to the same quarter last year. On average, analysts forecast that Bank of America Co. will post 1.84 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Tuesday, January 19th that permits the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 26th. Stockholders of record on Friday, March 5th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Thursday, March 4th. Bank of America’s payout ratio is currently 24.49%.

BAC has been the topic of several recent analyst reports. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $36.00 in a research report on Tuesday, January 5th. Royal Bank of Canada raised their price objective on shares of Bank of America from $28.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, January 20th. UBS Group set a $30.00 price objective on shares of Bank of America and gave the company a “neutral” rating in a research report on Tuesday, January 19th. Barclays raised their target price on shares of Bank of America from $33.00 to $39.00 and gave the company an “overweight” rating in a research note on Monday, January 4th. Finally, Piper Sandler raised their target price on shares of Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Monday, January 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $33.13.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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