Scott & Selber Inc. grew its position in Bank of America Co. (NYSE:BAC) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,931 shares of the financial services provider’s stock after purchasing an additional 1,145 shares during the period. Scott & Selber Inc.’s holdings in Bank of America were worth $2,280,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in BAC. FMR LLC grew its position in shares of Bank of America by 9.2% in the 4th quarter. FMR LLC now owns 196,924,593 shares of the financial services provider’s stock valued at $5,968,784,000 after purchasing an additional 16,517,775 shares during the period. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $2,901,869,000. Nuveen Asset Management LLC increased its position in shares of Bank of America by 7.0% during the fourth quarter. Nuveen Asset Management LLC now owns 49,052,067 shares of the financial services provider’s stock worth $1,486,768,000 after acquiring an additional 3,226,700 shares in the last quarter. Primecap Management Co. CA boosted its stake in Bank of America by 3.6% in the 4th quarter. Primecap Management Co. CA now owns 40,851,261 shares of the financial services provider’s stock worth $1,238,202,000 after purchasing an additional 1,418,300 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Bank of America by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 38,005,736 shares of the financial services provider’s stock worth $1,151,954,000 after purchasing an additional 1,376,222 shares in the last quarter. 68.10% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on BAC. Robert W. Baird reissued a “neutral” rating and issued a $42.00 target price on shares of Bank of America in a research report on Monday, May 10th. Jefferies Financial Group increased their target price on shares of Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a report on Friday, April 9th. Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating and set a $40.00 target price for the company in a research report on Tuesday, January 26th. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective for the company in a research note on Monday, April 19th. Finally, Morgan Stanley raised their price objective on Bank of America from $36.00 to $38.00 and gave the company an “underweight” rating in a report on Monday, March 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and an average target price of $38.26.
Bank of America (NYSE:BAC) last posted its earnings results on Thursday, April 15th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.65 by $0.21. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.67 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share. As a group, equities analysts forecast that Bank of America Co. will post 1.84 earnings per share for the current year.
Bank of America declared that its board has approved a stock buyback plan on Tuesday, January 19th that allows the company to repurchase $2.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 25th. Stockholders of record on Friday, June 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Thursday, June 3rd. Bank of America’s dividend payout ratio is currently 24.49%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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