Bank of America Corp (BAC) Shares Bought by Citizens Financial Group Inc RI
Citizens Financial Group Inc RI raised its stake in Bank of America Corp (NYSE:BAC) by 484.0% during the third quarter, Holdings Channel reports. The fund owned 347,842 shares of the financial services provider’s stock after buying an additional 288,283 shares during the period. Citizens Financial Group Inc RI’s holdings in Bank of America were worth $10,247,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its stake in shares of Bank of America by 74.9% during the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after buying an additional 11,842,467 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Bank of America by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after buying an additional 8,925,474 shares in the last quarter. Natixis lifted its stake in shares of Bank of America by 256.8% during the 2nd quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock valued at $242,851,000 after buying an additional 6,200,655 shares in the last quarter. Royal London Asset Management Ltd. purchased a new stake in shares of Bank of America during the 2nd quarter valued at approximately $111,692,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Bank of America by 7.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock valued at $890,740,000 after buying an additional 2,057,669 shares in the last quarter. Hedge funds and other institutional investors own 65.06% of the company’s stock.
NYSE BAC opened at $28.52 on Friday. Bank of America Corp has a 1 year low of $25.81 and a 1 year high of $33.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $292.35 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.40 and a beta of 1.31.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.10%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.
BAC has been the topic of a number of recent research reports. Wolfe Research initiated coverage on shares of Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. BMO Capital Markets increased their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Finally, ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $34.63.
COPYRIGHT VIOLATION WARNING: This article was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this article on another website, it was illegally stolen and republished in violation of United States and international copyright & trademark law. The correct version of this article can be read at https://www.thecerbatgem.com/2018/11/10/bank-of-america-corp-bac-shares-bought-by-citizens-financial-group-inc-ri.html.
Bank of America Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
Featured Article: Are analyst ratings accurate?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.