Parkside Financial Bank & Trust Purchases 2,500 Shares of Bank of America Corp (NYSE:BAC)

Parkside Financial Bank & Trust grew its position in Bank of America Corp (NYSE:BAC) by 6.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 42,921 shares of the financial services provider’s stock after purchasing an additional 2,500 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Bank of America were worth $1,252,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Daily Journal Corp boosted its stake in shares of Bank of America by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after purchasing an additional 227,700,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 35.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after acquiring an additional 19,688,816 shares during the period. Nuveen Asset Management LLC lifted its position in shares of Bank of America by 1,905.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after acquiring an additional 57,060,331 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 2.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 40,115,997 shares of the financial services provider’s stock valued at $1,163,364,000 after acquiring an additional 773,712 shares during the period. Finally, Primecap Management Co. CA lifted its position in shares of Bank of America by 1.6% during the 2nd quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock valued at $1,055,666,000 after acquiring an additional 573,200 shares during the period. 70.75% of the stock is currently owned by institutional investors.

A number of research analysts recently issued reports on BAC shares. Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $36.00 to $29.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $33.00 target price (up previously from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a research report on Tuesday, October 15th. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $32.59.

BAC traded up $0.03 during trading on Friday, hitting $33.26. 38,313,549 shares of the company’s stock were exchanged, compared to its average volume of 56,181,609. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.99. The business’s 50 day moving average is $30.19 and its two-hundred day moving average is $29.06. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $33.60. The stock has a market cap of $299.18 billion, a P/E ratio of 12.74, a PEG ratio of 1.27 and a beta of 1.62.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. The business’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Corp will post 2.89 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.16%. Bank of America’s dividend payout ratio is currently 27.59%.

In other news, insider Kathleen A. Knox sold 40,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the completion of the sale, the insider now owns 43,744 shares in the company, valued at $1,322,381.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Of America Corp /De/ Bank bought 5,370 shares of the stock in a transaction dated Monday, August 26th. The stock was purchased at an average price of $11.83 per share, with a total value of $63,527.10. The disclosure for this purchase can be found here. In the last quarter, insiders sold 51,870 shares of company stock valued at $1,476,104. 0.17% of the stock is currently owned by corporate insiders.

About Bank of America

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

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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