Advisory Services Network LLC Has $2.10 Million Position in Bank of America Corp (BAC)
Advisory Services Network LLC increased its position in shares of Bank of America Corp (NYSE:BAC) by 13.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,643 shares of the financial services provider’s stock after buying an additional 10,543 shares during the period. Advisory Services Network LLC’s holdings in Bank of America were worth $2,102,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 2nd quarter worth about $100,000. Chicago Partners Investment Group LLC increased its position 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 worth $103,000 after purchasing an additional 450 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position 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 worth $140,000 after purchasing an additional 1,850 shares during the last quarter. Lenox Wealth Advisors Inc. bought a new stake in shares of Bank of America in the 2nd quarter worth about $144,000. Finally, Jacobi Capital Management LLC increased its position in shares of Bank of America by 21.0% in the 1st quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,101 shares during the last quarter. 68.56% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Corp (BAC) opened at $28.84 on Thursday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market cap of $305,825.50, a PE ratio of 16.75, a price-to-earnings-growth ratio of 2.03 and a beta of 1.31. Bank of America Corp has a one year low of $21.77 and a one year high of $29.50.
Bank of America (NYSE:BAC) last posted its earnings results 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 firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. Bank of America’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 EPS. equities research analysts predict that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.
Bank of America declared that its board has initiated a share repurchase plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
Several equities research analysts have recently weighed in on BAC shares. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a research report on Monday, October 16th. Deutsche Bank reissued a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Royal Bank of Canada boosted their price objective on shares of Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Monday, October 16th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $24.00 price objective on shares of Bank of America in a research report on Friday, August 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus 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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