Investment Management Corp of Ontario Raises Position in Bank of America Corporation $BAC

by · The Markets Daily

Investment Management Corp of Ontario grew its position in shares of Bank of America Corporation (NYSE:BAC) by 37.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 388,901 shares of the financial services provider’s stock after buying an additional 106,325 shares during the quarter. Investment Management Corp of Ontario’s holdings in Bank of America were worth $18,403,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC lifted its holdings in shares of Bank of America by 246.5% during the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares in the last quarter. RMG Wealth Management LLC purchased a new stake in shares of Bank of America during the second quarter valued at $28,000. CGC Financial Services LLC increased its holdings in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after buying an additional 521 shares in the last quarter. Finally, Acima Private Wealth LLC purchased a new position in Bank of America in the 2nd quarter worth about $33,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Down 0.1%

Shares of NYSE:BAC opened at $53.87 on Tuesday. The stock has a 50 day moving average of $52.11 and a 200 day moving average of $49.23. The company has a market cap of $393.39 billion, a PE ratio of 14.68 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.83. 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 (NYSE:BAC – Get Free Report) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 EPS. As a group, equities research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BAC shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 price target (up previously from $57.00) on shares of Bank of America in a report on Thursday, October 16th. Dbs Bank upgraded shares of Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Robert W. Baird boosted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Finally, Daiwa Capital Markets raised their price target on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

Get Our Latest Stock Analysis on BAC

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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