Mutual of America Capital Management LLC Lowers Position in Bank of America Corp (BAC)
Mutual of America Capital Management LLC trimmed its holdings in Bank of America Corp (NYSE:BAC) by 1.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,198,807 shares of the financial services provider’s stock after selling 13,979 shares during the period. Bank of America accounts for about 0.5% of Mutual of America Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Mutual of America Capital Management LLC’s holdings in Bank of America were worth $30,378,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the business. Sit Investment Associates Inc. lifted its holdings in shares of Bank of America by 53,412.6% during the 3rd quarter. Sit Investment Associates Inc. now owns 450,041 shares of the financial services provider’s stock worth $11,404,000 after acquiring an additional 449,200 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Bank of America during the 3rd quarter worth about $1,019,000. Fulton Bank N.A. lifted its holdings in shares of Bank of America by 3.5% during the 3rd quarter. Fulton Bank N.A. now owns 111,092 shares of the financial services provider’s stock worth $2,815,000 after acquiring an additional 3,807 shares during the period. Beacon Financial Group lifted its holdings in shares of Bank of America by 68.4% during the 3rd quarter. Beacon Financial Group now owns 26,606 shares of the financial services provider’s stock worth $674,000 after acquiring an additional 10,807 shares during the period. Finally, Neville Rodie & Shaw Inc. lifted its holdings in shares of Bank of America by 5.4% during the 3rd quarter. Neville Rodie & Shaw Inc. now owns 54,537 shares of the financial services provider’s stock worth $1,382,000 after acquiring an additional 2,802 shares during the period. 68.56% of the stock is currently owned by institutional investors.
Several research analysts have recently weighed in on BAC shares. Royal Bank of Canada reiterated a “buy” rating and set a $30.00 price objective on shares of Bank of America in a report on Friday, December 8th. Vetr upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a report on Wednesday, August 30th. Credit Suisse Group reiterated an “outperform” rating on shares of Bank of America in a report on Tuesday, October 10th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Finally, Citigroup reiterated a “neutral” rating and set a $27.00 price objective (up from $25.00) on shares of Bank of America in a report on Monday, October 9th. Two research 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 issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $26.55.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $0.41 earnings per share. sell-side analysts forecast that Bank of America Corp will post 1.8 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. Bank of America’s dividend payout ratio is currently 27.43%.
Bank of America announced that its board has initiated a share repurchase plan 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 reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
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About Bank of America
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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