Shikiar Asset Management Inc. Lowers Position in Bank of America Corp (BAC)
Shikiar Asset Management Inc. reduced its position in shares of Bank of America Corp (NYSE:BAC) by 12.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 261,679 shares of the financial services provider’s stock after selling 35,735 shares during the quarter. Bank of America makes up approximately 3.6% of Shikiar Asset Management Inc.’s holdings, making the stock its 8th biggest holding. Shikiar Asset Management Inc.’s holdings in Bank of America were worth $7,725,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of BAC. Beach Investment Management LLC. raised its holdings in Bank of America by 851.6% during the 2nd quarter. Beach Investment Management LLC. now owns 880,908 shares of the financial services provider’s stock valued at $21,371,000 after buying an additional 788,338 shares during the last quarter. Boys Arnold & Co. Inc. raised its holdings in Bank of America by 1.8% during the 2nd quarter. Boys Arnold & Co. Inc. now owns 44,905 shares of the financial services provider’s stock valued at $1,089,000 after buying an additional 775 shares during the last quarter. Family Firm Inc. bought a new stake in Bank of America during the 2nd quarter valued at $210,000. Robeco Institutional Asset Management B.V. raised its holdings in Bank of America by 34.8% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,006,762 shares of the financial services provider’s stock valued at $48,682,000 after buying an additional 518,337 shares during the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. raised its holdings in Bank of America by 47.1% during 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 during the last quarter. Institutional investors own 68.67% of the company’s stock.
A number of equities research analysts recently commented on the stock. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Morgan Stanley boosted their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Vetr raised shares of Bank of America from a “strong sell” rating to a “sell” rating and set a $31.16 price objective on the stock in a research report on Monday, February 19th. Royal Bank of Canada boosted their price objective on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. Finally, Zacks Investment Research downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $30.35.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. research analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is presently 30.97%.
Bank of America announced that its board has authorized a share buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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