Investec Asset Management LTD Acquires 6,538,908 Shares of Bank of America Corporation (BAC)
Investec Asset Management LTD raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 163.4% during the first quarter, Holdings Channel reports. The fund owned 10,540,710 shares of the financial services provider’s stock after buying an additional 6,538,908 shares during the period. Bank of America Corporation accounts for 1.2% of Investec Asset Management LTD’s portfolio, making the stock its 20th largest position. Investec Asset Management LTD’s holdings in Bank of America Corporation were worth $248,655,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in BAC. Pekin Singer Strauss Asset Management IL raised its position in Bank of America Corporation by 6.5% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 24,640 shares of the financial services provider’s stock valued at $545,000 after buying an additional 1,500 shares during the last quarter. Ibex Wealth Advisors raised its position in Bank of America Corporation by 324.3% in the fourth quarter. Ibex Wealth Advisors now owns 48,413 shares of the financial services provider’s stock valued at $1,096,000 after buying an additional 37,004 shares during the last quarter. Lincluden Management Ltd. raised its position in Bank of America Corporation by 8.1% in the fourth quarter. Lincluden Management Ltd. now owns 457,961 shares of the financial services provider’s stock valued at $10,121,000 after buying an additional 34,287 shares during the last quarter. Lincoln Capital Corp acquired a new position in Bank of America Corporation during the fourth quarter valued at about $819,000. Finally, River & Mercantile Asset Management LLP acquired a new position in Bank of America Corporation during the fourth quarter valued at about $9,686,000. Hedge funds and other institutional investors own 66.42% of the company’s stock.
Bank of America Corporation (NYSE BAC) traded down 1.064% during mid-day trading on Wednesday, reaching $24.635. 17,892,580 shares of the company were exchanged. Bank of America Corporation has a 1-year low of $14.70 and a 1-year high of $25.80. The company has a market capitalization of $259.07 billion, a price-to-earnings ratio of 14.672 and a beta of 1.27. The company has a 50 day moving average of $24.09 and a 200-day moving average of $23.71.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. On average, equities research analysts forecast that Bank of America Corporation will post $1.82 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.93%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s payout ratio is 17.86%.
Bank of America Corporation announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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Several equities analysts have recently issued reports on the stock. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Buckingham Research reiterated a “buy” rating and set a $30.00 target price (up from $27.00) on shares of Bank of America Corporation in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $23.74.
Bank of America Corporation 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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