Beacon Financial Group Buys 10,807 Shares of Bank of America Corp (BAC)
Beacon Financial Group lifted its stake in Bank of America Corp (NYSE:BAC) by 68.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,606 shares of the financial services provider’s stock after purchasing an additional 10,807 shares during the quarter. Beacon Financial Group’s holdings in Bank of America were worth $674,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC raised its position in Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. raised its position in Bank of America by 1.4% during the 2nd 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 raised its position in Bank of America by 52.4% during the 2nd 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. Finally, Investec Asset Management LTD raised its position in Bank of America by 68.6% during the 2nd 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. Hedge funds and other institutional investors own 68.56% of the company’s stock.
Bank of America Corp (NYSE BAC) opened at $29.04 on Friday. The firm has a market capitalization of $302,904.94, a PE ratio of 16.59, a P/E/G ratio of 2.01 and a beta of 1.31. Bank of America Corp has a fifty-two week low of $21.77 and a fifty-two week high of $29.50. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.
Bank of America (NYSE:BAC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. 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 firm earned $0.41 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. analysts forecast that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. Bank of America’s dividend payout ratio (DPR) is presently 27.43%.
Bank of America announced that its board has initiated a share 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 purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts have recently commented on the company. Keefe, Bruyette & Woods boosted their price target on Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Morgan Stanley reissued an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price target for the company. in a research report on Monday, November 6th. Finally, J P Morgan Chase & Co boosted their target price on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Two investment 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 issued a strong buy rating to the company’s stock. Bank of America currently has a consensus rating of “Buy” and a consensus price target of $26.55.
About Bank of America
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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