Smith Shellnut Wilson LLC ADV bought a new stake in shares of Bank of America Corp (NYSE:BAC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 58,254 shares of the financial services provider’s stock, valued at approximately $1,476,000. Bank of America accounts for about 1.3% of Smith Shellnut Wilson LLC ADV’s investment portfolio, making the stock its 17th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. TIAA CREF Investment Management LLC increased its position in Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares during the period. Legal & General Group Plc increased its position in Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares during the period. The Manufacturers Life Insurance Company increased its position in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in Bank of America by 13.6% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock valued at $1,017,645,000 after purchasing an additional 4,801,300 shares during the period. 69.28% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corp (NYSE:BAC) opened at $30.33 on Monday. Bank of America Corp has a 52-week low of $22.07 and a 52-week high of $32.67. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market cap of $312,013.81, a price-to-earnings ratio of 16.67, a P/E/G ratio of 1.54 and a beta of 1.41.

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

Bank of America announced that its board has initiated a stock repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.58%. The ex-dividend date is Thursday, March 1st. Bank of America’s payout ratio is currently 30.97%.

A number of analysts have weighed in on the stock. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Morgan Stanley raised their price objective on shares of Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. Royal Bank of Canada raised their price objective on shares of Bank of America to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, January 18th. Vetr downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price objective for the company. in a research report on Friday, January 19th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company. Bank of America has an average rating of “Buy” and a consensus price target of $30.17.

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

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