Bank of America Corp (BAC) Shares Bought by Carnegie Capital Asset Management LLC
Carnegie Capital Asset Management LLC grew its stake in Bank of America Corp (NYSE:BAC) by 0.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 26,356 shares of the financial services provider’s stock after acquiring an additional 104 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Bank of America were worth $648,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in BAC. Vanguard Group Inc. grew its holdings in shares of Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC grew its holdings in shares of Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Investec Asset Management LTD grew its holdings in shares of Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. Quantitative Investment Management LLC acquired a new position in shares of Bank of America in the second quarter valued at approximately $108,585,000. Finally, Schroder Investment Management Group grew its holdings in shares of Bank of America by 70.4% in the second quarter. Schroder Investment Management Group now owns 10,606,202 shares of the financial services provider’s stock valued at $257,942,000 after purchasing an additional 4,381,323 shares in the last quarter. Hedge funds and other institutional investors own 68.28% of the company’s stock.
Bank of America Corp (BAC) opened at $29.05 on Friday. Bank of America Corp has a twelve month low of $21.77 and a twelve month high of $29.31. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market cap of $303,009.22, a price-to-earnings ratio of 16.60, a PEG ratio of 2.01 and a beta of 1.31.
Bank of America (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter in the prior year, the business posted $0.41 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. sell-side analysts expect that Bank of America Corp will post 1.81 earnings per share for the current year.
Bank of America declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.
A number of research analysts recently weighed in on BAC shares. Vetr upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.29 price objective for the company in a report on Monday, August 21st. Robert W. Baird restated a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a report on Friday, August 25th. BidaskClub cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Deutsche Bank restated a “hold” rating and issued a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Finally, Citigroup reiterated a “neutral” rating and set a $27.00 price target (up previously from $25.00) on shares of Bank of America in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $26.32.
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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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