Paradigm Asset Management Co. LLC Has $3.50 Million Holdings in Bank of America Corporation $BAC

by · The Cerbat Gem

Paradigm Asset Management Co. LLC decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 38.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 73,925 shares of the financial services provider’s stock after selling 46,500 shares during the quarter. Bank of America accounts for approximately 0.9% of Paradigm Asset Management Co. LLC’s investment portfolio, making the stock its 14th largest position. Paradigm Asset Management Co. LLC’s holdings in Bank of America were worth $3,498,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Deutsche Bank AG lifted its stake in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the last quarter. Unisphere Establishment grew its stake in shares of Bank of America by 1,642.5% during the first quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in shares of Bank of America during the second quarter worth $164,623,000. Maverick Capital Ltd. bought a new position in shares of Bank of America in the 1st quarter valued at $152,098,000. Finally, AMF Tjanstepension AB boosted its holdings in shares of Bank of America by 62.9% during the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock valued at $421,564,000 after acquiring an additional 3,438,876 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.1%

BAC opened at $53.22 on Friday. The company has a market cap of $388.62 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company has a fifty day moving average price of $51.33 and a two-hundred day moving average price of $47.51. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99.

Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the company posted $0.81 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BAC. Dbs Bank raised Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Argus boosted their target price on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. HSBC lifted their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a research report on Thursday, October 30th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Bank of America in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

View Our Latest Research Report on Bank of America

Bank of America Company Profile

(Free Report)

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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