Cubist Systematic Strategies LLC Has $2.96 Million Stake in Bank of America Corp (BAC)
Cubist Systematic Strategies LLC lowered its position in Bank of America Corp (NYSE:BAC) by 29.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,923 shares of the financial services provider’s stock after selling 50,720 shares during the period. Cubist Systematic Strategies LLC’s holdings in Bank of America were worth $2,958,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. Peddock Capital Advisors LLC increased its position in shares of Bank of America by 2.9% in the 1st quarter. Peddock Capital Advisors LLC now owns 59,130 shares of the financial services provider’s stock valued at $1,395,000 after buying an additional 1,694 shares in the last quarter. CI Investments Inc. increased its holdings in Bank of America by 13.1% during the 1st quarter. CI Investments Inc. now owns 6,523,837 shares of the financial services provider’s stock worth $153,897,000 after purchasing an additional 756,738 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Bank of America by 28.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 743,649 shares of the financial services provider’s stock worth $17,543,000 after purchasing an additional 164,379 shares in the last quarter. Mraz Amerine & Associates Inc. increased its holdings in Bank of America by 0.8% during the 1st quarter. Mraz Amerine & Associates Inc. now owns 25,412 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 210 shares in the last quarter. Finally, Caldwell & Orkin Inc. increased its holdings in Bank of America by 55.9% during the 1st quarter. Caldwell & Orkin Inc. now owns 126,465 shares of the financial services provider’s stock worth $2,983,000 after purchasing an additional 45,365 shares in the last quarter. Institutional investors and hedge funds own 68.56% of the company’s stock.
BAC has been the subject of a number of research reports. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.29 target price for the company in a report on Monday, August 21st. Robert W. Baird reiterated a “hold” rating and set a $24.00 target price on shares of Bank of America in a report on Friday, August 25th. BidaskClub cut Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Deutsche Bank reiterated a “hold” rating and set a $25.00 target price (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Finally, Citigroup reiterated a “neutral” rating and set a $27.00 target price (up previously from $25.00) on shares of Bank of America in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $26.32.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter last year, the company earned $0.41 EPS. Bank of America’s revenue for the quarter was up 2.1% compared to the same quarter last year. sell-side analysts expect that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.
Bank of America announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.66%. Bank of America’s dividend payout ratio (DPR) is currently 27.43%.
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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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