Torray LLC Has $22.22 Million Holdings in Bank of America Corp (BAC)

Torray LLC decreased its position in Bank of America Corp (NYSE:BAC) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 754,194 shares of the financial services provider’s stock after selling 3,443 shares during the quarter. Bank of America makes up 2.2% of Torray LLC’s investment portfolio, making the stock its 12th largest position. Torray LLC’s holdings in Bank of America were worth $22,219,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. CHURCHILL MANAGEMENT Corp boosted its stake in Bank of America by 20.0% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 97,372 shares of the financial services provider’s stock worth $2,745,000 after acquiring an additional 16,236 shares in the last quarter. Xact Kapitalforvaltning AB boosted its stake in Bank of America by 3.0% during the second quarter. Xact Kapitalforvaltning AB now owns 2,059,643 shares of the financial services provider’s stock worth $58,061,000 after acquiring an additional 59,759 shares in the last quarter. James Hambro & Partners bought a new stake in Bank of America during the second quarter worth about $368,000. Union Bankshares Corp boosted its stake in Bank of America by 34.8% during the second quarter. Union Bankshares Corp now owns 204,100 shares of the financial services provider’s stock worth $5,754,000 after acquiring an additional 52,674 shares in the last quarter. Finally, CHICAGO TRUST Co NA lifted its stake in shares of Bank of America by 1.8% in the second quarter. CHICAGO TRUST Co NA now owns 106,185 shares of the financial services provider’s stock worth $2,994,000 after buying an additional 1,841 shares in the last quarter. Hedge funds and other institutional investors own 65.06% of the company’s stock.

Several research analysts have recently issued reports on BAC shares. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday. BMO Capital Markets upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Finally, Wolfe Research started coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Bank of America has a consensus rating of “Buy” and an average target price of $34.63.

Shares of BAC stock opened at $28.87 on Friday. Bank of America Corp has a 12 month low of $25.81 and a 12 month high of $33.05. The company has a market cap of $288.97 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 1.38 and a beta of 1.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The business had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period in the prior year, the company earned $0.48 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. As a group, research analysts predict that Bank of America Corp will post 2.55 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.08%. Bank of America’s dividend payout ratio is currently 32.79%.

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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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