Bank of America Corp (BAC) Stake Boosted by Birch Hill Investment Advisors LLC
Birch Hill Investment Advisors LLC increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 8.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,019,385 shares of the financial services provider’s stock after buying an additional 80,890 shares during the period. Bank of America comprises 2.2% of Birch Hill Investment Advisors LLC’s investment portfolio, making the stock its 20th largest holding. Birch Hill Investment Advisors LLC’s holdings in Bank of America were worth $24,730,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. boosted its holdings in shares of Bank of America by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Bank of America by 11.0% in the 2nd 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 in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its holdings in shares of Bank of America by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after buying an additional 1,850 shares in the last quarter. Finally, Lenox Wealth Advisors Inc. acquired a new position in shares of Bank of America in the 2nd quarter valued at $144,000. 68.10% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on BAC. J P Morgan Chase & Co raised their target price on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Vetr upgraded shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 target price for the company in a research note on Tuesday, November 7th. Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research note on Friday, August 25th. UBS set a $27.00 price target on shares of Bank of America and gave the company a “hold” rating in a report on Monday, October 16th. Finally, Credit Suisse Group reiterated an “outperform” rating on shares of Bank of America in a report on Tuesday, October 10th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $26.25.
Shares of Bank of America Corp (BAC) traded down $0.11 during mid-day trading on Friday, reaching $28.17. 121,755,906 shares of the company’s stock were exchanged, compared to its average volume of 79,237,023. The firm has a market capitalization of $293,100.00, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.91 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corp has a 1 year low of $20.25 and a 1 year high of $28.72.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a net margin of 25.58% and a return on equity of 8.29%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. research analysts anticipate that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.70%. Bank of America’s dividend payout ratio is currently 27.91%.
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Bank of America 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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