Rosenblum Silverman Sutton S F Inc. CA lifted its position in Bank of America Corp (NYSE:BAC) by 1.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 128,585 shares of the financial services provider’s stock after buying an additional 1,905 shares during the period. Bank of America makes up about 1.4% of Rosenblum Silverman Sutton S F Inc. CA’s portfolio, making the stock its 27th biggest holding. Rosenblum Silverman Sutton S F Inc. CA’s holdings in Bank of America were worth $3,796,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Burt Wealth Advisors boosted its stake in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares during the period. MPS Loria Financial Planners LLC purchased a new position in Bank of America during the second quarter worth about $115,000. Legacy Advisors LLC purchased a new position in Bank of America during the third quarter worth about $115,000. HWG Holdings LP purchased a new position in Bank of America during the third quarter worth about $116,000. Finally, Bristlecone Advisors LLC purchased a new position in Bank of America during the third quarter worth about $128,000. 69.92% of the stock is owned by institutional investors.

How to Become a New Pot Stock Millionaire

Shares of Bank of America Corp (NYSE:BAC) opened at $32.36 on Wednesday. The firm has a market cap of $336,402.78, a P/E ratio of 18.04, a P/E/G ratio of 1.67 and a beta of 1.36. Bank of America Corp has a 1-year low of $22.07 and a 1-year high of $33.05. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 earnings per share. equities analysts forecast that Bank of America Corp will post 2.46 EPS for the current year.

Bank of America announced that its board has authorized a share repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.48%. Bank of America’s dividend payout ratio (DPR) is 30.97%.

BAC has been the subject of several research analyst reports. Barclays increased their target price on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Instinet lowered their target price on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. BMO Capital Markets reissued a “hold” rating and set a $31.00 price target on shares of Bank of America in a research report on Monday, January 8th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and an average price target of $30.35.

ILLEGAL ACTIVITY NOTICE: This piece of content was published by Daily Political and is the sole property of of Daily Political. If you are accessing this piece of content on another publication, it was illegally copied and reposted in violation of United States and international copyright laws. The correct version of this piece of content can be read at https://www.dailypolitical.com/2018/03/14/rosenblum-silverman-sutton-s-f-inc-ca-has-3-80-million-position-in-bank-of-america-corp-bac.html.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.