Bank of America Corp (BAC) Shares Bought by Aldebaran Financial Inc.
Aldebaran Financial Inc. increased its holdings in shares of Bank of America Corp (NYSE:BAC) by 6.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,387 shares of the financial services provider’s stock after purchasing an additional 900 shares during the quarter. Aldebaran Financial Inc.’s holdings in Bank of America were worth $349,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in BAC. M Holdings Securities Inc. boosted its stake in Bank of America by 72.9% during the first quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock valued at $2,242,000 after buying an additional 40,069 shares during the last quarter. TIAA FSB bought a new position in Bank of America during the second quarter valued at approximately $2,400,000. Lbmc Investment Advisors LLC boosted its stake in Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after buying an additional 51 shares during the last quarter. Stephens Inc. AR boosted its stake in Bank of America by 1.1% during the second quarter. Stephens Inc. AR now owns 846,608 shares of the financial services provider’s stock valued at $20,539,000 after buying an additional 8,956 shares during the last quarter. Finally, YHB Investment Advisors Inc. boosted its stake in Bank of America by 17.2% during the second quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after buying an additional 23,729 shares during the last quarter. Hedge funds and other institutional investors own 68.56% of the company’s stock.
A number of equities analysts recently commented on BAC shares. Vetr raised Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.29 price target for the company in a research note on Monday, August 21st. Robert W. Baird reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a research note on Friday, August 25th. BidaskClub lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Deutsche Bank reaffirmed a “hold” rating and issued a $25.00 price objective (up from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $27.00 price objective (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Two 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 given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $26.55.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the company earned $0.41 EPS. Bank of America’s quarterly revenue was up 2.1% compared to the same quarter last year. analysts anticipate that Bank of America Corp will post 1.8 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.65%. Bank of America’s payout ratio is currently 27.43%.
Bank of America declared that its board has approved a stock repurchase program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
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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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