Atalanta Sosnoff Capital LLC Reduces Position in Bank of America Corp (BAC)
Atalanta Sosnoff Capital LLC lowered its holdings in shares of Bank of America Corp (NYSE:BAC) by 2.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 4,291,688 shares of the financial services provider’s stock after selling 99,434 shares during the quarter. Bank of America comprises 4.1% of Atalanta Sosnoff Capital LLC’s portfolio, making the stock its 4th biggest holding. Atalanta Sosnoff Capital LLC’s holdings in Bank of America were worth $126,690,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 9,117,007 shares during the period. TIAA CREF Investment Management LLC boosted its holdings 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 acquiring an additional 1,079,788 shares during the period. Legal & General Group Plc boosted its holdings 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 acquiring an additional 379,854 shares during the period. The Manufacturers Life Insurance Company boosted its holdings 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 acquiring an additional 9,612,342 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings 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 acquiring an additional 4,801,300 shares during the period. Institutional investors own 69.28% of the company’s stock.
A number of equities analysts recently issued reports on the company. BMO Capital Markets boosted their price objective on Bank of America to $34.00 and gave the company an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective for the company. in a report on Wednesday, January 10th. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Finally, Vining Sparks reaffirmed a “buy” rating and set a $34.00 target price on shares of Bank of America in a research report on Wednesday, January 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $29.99.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 EPS. research analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s payout ratio is 31.17%.
Bank of America declared that its board has approved a stock buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
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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