Bank of America Co. (NYSE:BAC) is Atalanta Sosnoff Capital LLC’s 9th Largest Position

Atalanta Sosnoff Capital LLC decreased its position in Bank of America Co. (NYSE:BAC) by 1.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,769,394 shares of the financial services provider’s stock after selling 51,665 shares during the period. Bank of America makes up about 2.8% of Atalanta Sosnoff Capital LLC’s portfolio, making the stock its 9th biggest holding. Atalanta Sosnoff Capital LLC’s holdings in Bank of America were worth $117,561,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. FMR LLC raised its stake in shares of Bank of America by 0.8% during the 2nd quarter. FMR LLC now owns 231,799,229 shares of the financial services provider’s stock valued at $9,557,082,000 after buying an additional 1,761,928 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Bank of America by 30.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 163,776,311 shares of the financial services provider’s stock valued at $6,752,497,000 after buying an additional 38,319,182 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Bank of America by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 116,536,766 shares of the financial services provider’s stock valued at $4,790,026,000 after buying an additional 497,399 shares during the last quarter. Invesco Ltd. raised its stake in shares of Bank of America by 20.9% during the 2nd quarter. Invesco Ltd. now owns 62,419,894 shares of the financial services provider’s stock valued at $2,573,572,000 after buying an additional 10,783,612 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in shares of Bank of America by 9.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 52,409,868 shares of the financial services provider’s stock valued at $2,160,858,000 after acquiring an additional 4,488,723 shares during the period. Institutional investors own 70.67% of the company’s stock.

Shares of NYSE BAC opened at $47.63 on Thursday. The firm has a market cap of $389.81 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.86 and a beta of 1.53. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52-week low of $28.10 and a 52-week high of $48.69. The business’s 50 day moving average is $45.21 and its two-hundred day moving average is $42.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.14. The business had revenue of $22.77 billion during the quarter, compared to the consensus estimate of $21.60 billion. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 earnings per share. Analysts anticipate that Bank of America Co. will post 3.49 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, December 2nd. This represents a $0.84 annualized dividend and a dividend yield of 1.76%. Bank of America’s dividend payout ratio (DPR) is 25.23%.

In other Bank of America news, Director Frank P. Bramble sold 2,200 shares of the business’s stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $48.22, for a total value of $106,084.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dean C. Athanasia sold 108,478 shares of the business’s stock in a transaction on Friday, October 15th. The stock was sold at an average price of $45.77, for a total transaction of $4,965,038.06. The disclosure for this sale can be found here. Insiders own 0.22% of the company’s stock.

A number of research firms have recently commented on BAC. Barclays raised their target price on Bank of America from $45.00 to $49.00 and gave the company an “overweight” rating in a research report on Friday, October 15th. The Goldman Sachs Group raised their target price on Bank of America from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, October 15th. Morgan Stanley raised their target price on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a research report on Thursday, July 29th. Evercore ISI raised their target price on Bank of America from $43.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, October 15th. They noted that the move was a valuation call. Finally, Wells Fargo & Company restated an “overweight” rating and set a $60.00 target price (up from $55.00) on shares of Bank of America in a research report on Monday, October 25th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $44.04.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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