ABN Amro Investment Solutions Purchases Shares of 1,479,170 Bank of America Corporation $BAC

ABN Amro Investment Solutions acquired a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,479,170 shares of the financial services provider’s stock, valued at approximately $69,994,000. Bank of America comprises 1.4% of ABN Amro Investment Solutions’ investment portfolio, making the stock its 18th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC increased its position in Bank of America by 0.3% during the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after buying an additional 403,652 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Amundi boosted its stake in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after acquiring an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in Bank of America by 5.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after acquiring an additional 894,027 shares during the period. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BAC. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 price objective (up from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Oppenheimer raised their target price on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Finally, Barclays boosted their price objective on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Stock Performance

BAC opened at $54.03 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a 52-week low of $33.06 and a 52-week high of $54.69. The firm has a market cap of $394.57 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The business’s fifty day moving average is $51.52 and its 200-day moving average is $47.87.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $28.09 billion during 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%. Bank of America’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Announces Dividend

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

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