Jarislowsky Fraser Ltd Takes Position in Bank of America Corp (BAC)
Jarislowsky Fraser Ltd purchased a new stake in shares of Bank of America Corp (NYSE:BAC) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 34,026 shares of the financial services provider’s stock, valued at approximately $862,000.
Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Bank of America by 1.4% during 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 acquiring an additional 9,117,007 shares during the last quarter. Korea Investment CORP raised its stake in shares of Bank of America by 0.5% during the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after acquiring an additional 390,771 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Bank of America by 1.7% during the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after acquiring an additional 1,079,788 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Bank of America by 2.0% during the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after acquiring an additional 1,007,405 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Bank of America by 27.8% during the second 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 acquiring an additional 9,612,342 shares during the last quarter. 68.43% of the stock is owned by hedge funds and other institutional investors.
Shares of Bank of America Corp (NYSE BAC) opened at $31.19 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market cap of $325,330.00, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America Corp has a twelve month low of $22.01 and a twelve month high of $31.20.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the company posted $0.41 earnings per share. equities analysts predict that Bank of America Corp will post 1.79 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.
Bank of America announced that its board has approved a share repurchase program 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 programs are usually a sign that the company’s management believes its stock is undervalued.
BAC has been the subject of several recent analyst reports. BidaskClub upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. BMO Capital Markets reiterated a “market perform” rating and set a $29.00 price objective (up from $27.00) on shares of Bank of America in a research report on Monday, October 16th. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research report on Friday, December 8th. Barclays increased their price objective on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Finally, Societe Generale cut shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $29.14.
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Bank of America 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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