First Dallas Securities Inc. purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 68,268 shares of the financial services provider’s stock, valued at approximately $1,645,000. Bank of America accounts for about 1.8% of First Dallas Securities Inc.’s investment portfolio, making the stock its 17th biggest position.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BAC. APG Asset Management N.V. grew its holdings in Bank of America by 6.8% in the 2nd quarter. APG Asset Management N.V. now owns 24,633,716 shares of the financial services provider’s stock valued at $520,902,000 after buying an additional 1,574,233 shares in the last quarter. Public Investment Fund acquired a new position in shares of Bank of America during the 1st quarter worth approximately $487,569,000. Bessemer Group Inc. increased its holdings in shares of Bank of America by 51.6% during the second quarter. Bessemer Group Inc. now owns 21,055,944 shares of the financial services provider’s stock worth $500,078,000 after purchasing an additional 7,164,156 shares during the period. Nordea Investment Management AB raised its position in shares of Bank of America by 94.2% in the second quarter. Nordea Investment Management AB now owns 14,883,900 shares of the financial services provider’s stock valued at $348,432,000 after buying an additional 7,218,779 shares in the last quarter. Finally, EdgePoint Investment Group Inc. bought a new stake in shares of Bank of America in the second quarter valued at approximately $350,740,000. Institutional investors and hedge funds own 68.19% of the company’s stock.
In other Bank of America news, major shareholder Berkshire Hathaway Inc purchased 13,584,301 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were bought at an average price of $24.81 per share, for a total transaction of $337,026,507.81. Insiders have bought 85,092,006 shares of company stock valued at $2,070,253,228 in the last ninety days. Insiders own 0.20% of the company’s stock.
Shares of BAC opened at $24.24 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 1.08. The stock has a market cap of $210.02 billion, a PE ratio of 11.71, a PEG ratio of 2.12 and a beta of 1.54. Bank of America Co. has a 12-month low of $17.95 and a 12-month high of $35.72. The business has a 50-day simple moving average of $25.04 and a two-hundred day simple moving average of $24.25.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share 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 firm had revenue of $20.30 billion for the quarter, compared to the consensus estimate of $20.88 billion. During the same quarter last year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 1.73 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.97%. The ex-dividend date was Thursday, September 3rd. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.
Several equities analysts have weighed in on the company. Societe Generale raised Bank of America from a “hold” rating to a “buy” rating in a report on Tuesday, July 7th. DA Davidson cut shares of Bank of America from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $27.00 to $25.00 in a research report on Thursday, July 9th. Morgan Stanley raised their target price on shares of Bank of America from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. TheStreet upgraded shares of Bank of America from a “c+” rating to a “b-” rating in a research report on Tuesday, August 25th. Finally, Seaport Global Securities initiated coverage on shares of Bank of America in a research report on Wednesday, July 8th. They set a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $29.31.
Bank of America Company 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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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