James Hambro & Partners trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 26.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,567 shares of the financial services provider’s stock after selling 1,965 shares during the quarter. James Hambro & Partners’ holdings in Bank of America were worth $216,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Clark Financial Advisors bought a new stake in shares of Bank of America in the fourth quarter valued at about $29,000. Diversified LLC bought a new stake in shares of Bank of America in the fourth quarter valued at about $29,000. Kathmere Capital Management LLC bought a new stake in shares of Bank of America in the third quarter valued at about $31,000. Finally, Clean Yield Group boosted its position in shares of Bank of America by 90.9% in the fourth quarter. Clean Yield Group now owns 1,050 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 500 shares during the period. 68.10% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on BAC. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “strong-buy” rating and set a $45.00 target price for the company in a research report on Monday, April 19th. Jefferies Financial Group upped their price objective on shares of Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a research report on Friday, April 9th. Daiwa Capital Markets started coverage on shares of Bank of America in a research report on Wednesday, January 6th. They set a “neutral” rating and a $31.00 price objective for the company. Barclays upped their price objective on shares of Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 7th. Finally, Credit Suisse Group boosted their target price on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $38.26.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, April 15th. The financial services provider reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.21. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.67 billion. During the same period in the previous year, the firm earned $0.40 EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 1.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Investors of record on Friday, June 4th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 3rd. This represents a $0.72 annualized dividend and a yield of 1.79%. Bank of America’s payout ratio is 24.49%.
Bank of America declared that its Board of Directors has initiated a share repurchase plan on Tuesday, January 19th that allows the company to buyback $2.90 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Bank of America 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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