The biggest institutional shareholders in Bank of America Corporation include Berkshire Hathaway Inc which owns 700 million shares in the company valued at $16.88 B million. They now have a $27.00 target price on the financial services provider's stock, up from their previous target price of $25.00. Jefferies maintained the stock with "Buy" rating in Friday, July 7 report.
Golub Group Llc, which manages about $1.01 billion and $1.05 billion US Long portfolio, upped its stake in Ishares Tr (TIP) by 10,187 shares to 419,517 shares, valued at $47.59M in 2017Q2, according to the filing. The stock presently has an average rating of Buy and an average target price of $24.88.
After an initial lift from last November's election, Bank of America shares climbed 4.6% in the past month. Moving toward the technical facts, its current distance from 20-Day Simple Moving Average is 0.53% and standing 3.87% away from 50-Day Simple Moving Average while traded up 6.81% from 200-Day Simple Moving Average. Pekin Singer Strauss Asset Management Il owns 0.11% invested in Bank of America Corp (NYSE:BAC) for 27,640 shares. The firm has a market cap of $267.64 billion, a PE ratio of 15.16 and a beta of 1.25.
Quarterly revenue was $22.83 billion, which also beat analysts' forecasts of $22.02 billion. Analysts' estimates typically exclude special items. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. Net interest income, which makes up about half of the Charlotte, North Carolina-based firm's revenue, rose 1.6 percent from the previous quarter as the Federal Reserve has raised interest rates three times since December.
During the same quarter previous year, the company earned $0.41 earnings per share. However, 4.60% over the last one month, 5.12% for the last quarter and year to date performance stands at 15.16%.
In terms of earnings per share, 25 analysts have a 0.47 EPS mean target for the quarter ending Dec-17, for the quarter ending Mar-18, 18 analysts have a 0.46 EPS mean target and for the quarter ending Mar-18 there are 29 estimates of 1.79 EPS. If you are accessing this piece of content on another website, it was illegally copied and reposted in violation of worldwide trademark & copyright laws. Bank of America Corporation's payout ratio is now 28.57%. The company holds 10.38 billion outstanding shares and 10.38 billion shares are floating in market. This buyback authorization authorizes the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Investors of record on Friday, September 1st were paid a dividend of $0.12 per share. Its down 0.03, from 1.15 in 2017Q1. The stock has "Neutral" rating by UBS on Wednesday, August 26. Moreover, Fdx Advsrs has 0.23% invested in Bank of America Corp (NYSE:BAC). The rate the bank paid on USA interest-bearing deposits was 0.24%, compared with a rock-bottom 0.11% in the prior quarter.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the business's stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued. Wagner Bowman Management Corporation owns 39,560 shares for 0.27% of their portfolio. It also increased its holding in General Mtrs Co (NYSE:GM) by 19,284 shares in the quarter, for a total of 969,134 shares, and has risen its stake in Allergan Plc. Ltd. now owns 1,530 shares of the financial services provider's stock worth $102,000 after acquiring an additional 1,030 shares in the last quarter. Finally, Arbor Investment Advisors LLC boosted its position in Bank of America Corporation by 0.3% in the 2nd quarter. First National Trust Co. now owns 106,178 shares of the financial services provider's stock valued at $2,505,000 after buying an additional 34,555 shares in the last quarter. Following the completion of the sale, the chief executive officer now directly owns 77,570 shares of the company's stock, valued at $5,239,853.50. 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. This led to growth in profits from consumer banking, wealth and investment management and global banking.