Arden Trust Co decreased its holdings in Bank of America Co. (NYSE:BAC) by 0.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 86,058 shares of the financial services provider’s stock after selling 656 shares during the period. Arden Trust Co’s holdings in Bank of America were worth $2,073,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Trust Co. of Oklahoma bought a new stake in Bank of America in the third quarter worth $376,000. Boothe Investment Group Inc. purchased a new position in shares of Bank of America in the second quarter worth about $4,233,000. Strategic Investment Advisors MI lifted its stake in shares of Bank of America by 30.3% in the 3rd quarter. Strategic Investment Advisors MI now owns 18,317 shares of the financial services provider’s stock valued at $441,000 after acquiring an additional 4,255 shares during the last quarter. Investment House LLC boosted its holdings in Bank of America by 669.0% during the 2nd quarter. Investment House LLC now owns 100,834 shares of the financial services provider’s stock valued at $2,395,000 after acquiring an additional 87,721 shares during the period. Finally, Community Bank N.A. grew its position in Bank of America by 303.8% during the 2nd quarter. Community Bank N.A. now owns 34,093 shares of the financial services provider’s stock worth $809,000 after acquiring an additional 25,649 shares during the last quarter. 68.19% of the stock is currently owned by institutional investors.
A number of research firms have recently weighed in on BAC. Royal Bank of Canada set a $28.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley raised their price target on shares of Bank of America from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, June 25th. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Seaport Global Securities initiated coverage on shares of Bank of America in a report on Wednesday, July 8th. They set a “neutral” rating for the company. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and raised their target price for the stock from $27.00 to $29.00 in a research note on Thursday, September 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $29.31.
In related news, major shareholder Berkshire Hathaway Inc purchased 16,424,366 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average price of $24.22 per share, for a total transaction of $397,798,144.52. Over the last three months, insiders bought 85,092,006 shares of company stock worth $2,070,253,228. Insiders own 0.20% of the company’s stock.
BAC opened at $24.24 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08. The company has a market cap of $210.02 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 2.12 and a beta of 1.54. The stock has a fifty day simple moving average of $25.04 and a two-hundred day simple moving average of $24.25. Bank of America Co. has a 12-month low of $17.95 and a 12-month high of $35.72.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.02). Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The business had revenue of $20.30 billion during the quarter, compared to the consensus estimate of $20.88 billion. During the same quarter in the previous year, the business earned $0.75 earnings per share. The firm’s revenue was down 11.6% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 1.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $0.72 annualized dividend and a dividend yield of 2.97%. Bank of America’s payout ratio is 24.49%.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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