Blockhouse Capital Management LP Takes $2.97 Million Position in Bank of America Corp (BAC)
Blockhouse Capital Management LP acquired a new position in shares of Bank of America Corp (NYSE:BAC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 122,200 shares of the financial services provider’s stock, valued at approximately $2,965,000. Bank of America makes up approximately 3.6% of Blockhouse Capital Management LP’s investment portfolio, making the stock its 14th largest position.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. bought a new stake in Bank of America during the 2nd quarter worth approximately $1,017,000. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $100,000. Chicago Partners Investment Group LLC increased its holdings in Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. increased 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 worth $140,000 after purchasing an additional 1,850 shares in the last quarter. Finally, Lenox Wealth Advisors Inc. bought a new stake in Bank of America during the 2nd quarter worth approximately $144,000. 68.56% of the stock is owned by hedge funds and other institutional investors.
BAC has been the subject of a number of recent research reports. J P Morgan Chase & Co boosted their price objective on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Morgan Stanley restated an “overweight” rating and issued a $30.00 target price (up previously from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Vetr upgraded Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 target price on the stock in a research note on Tuesday, November 7th. Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research note on Friday, August 25th. Finally, UBS set a $27.00 target price on Bank of America and gave the stock a “hold” rating in a research note on Monday, October 16th. Two 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 assigned a strong buy rating to the stock. Bank of America has a consensus rating of “Buy” and an average target price of $26.55.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for 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 quarter in the prior year, the firm posted $0.41 earnings per share. research analysts expect that Bank of America Corp will post 1.8 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.67%. Bank of America’s payout ratio is currently 27.43%.
Bank of America declared that its board has authorized a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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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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