Bank of The West lifted its stake in Bank of America Corp (NYSE:BAC) by 11.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 185,964 shares of the financial services provider’s stock after purchasing an additional 18,826 shares during the period. Bank of The West’s holdings in Bank of America were worth $5,479,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the company. Buckingham Asset Management LLC lifted its position in shares of Bank of America by 16.7% in the 3rd quarter. Buckingham Asset Management LLC now owns 76,033 shares of the financial services provider’s stock worth $2,240,000 after purchasing an additional 10,866 shares during the period. First Long Island Investors LLC lifted its position in shares of Bank of America by 2.6% in the 3rd quarter. First Long Island Investors LLC now owns 304,116 shares of the financial services provider’s stock worth $8,959,000 after purchasing an additional 7,678 shares during the period. Citizens Financial Group Inc RI lifted its position in shares of Bank of America by 484.0% in the 3rd quarter. Citizens Financial Group Inc RI now owns 347,842 shares of the financial services provider’s stock worth $10,247,000 after purchasing an additional 288,283 shares during the period. Zions Bancorporation purchased a new stake in shares of Bank of America in the 3rd quarter worth about $528,000. Finally, Meeder Asset Management Inc. lifted its position in shares of Bank of America by 12.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 535,665 shares of the financial services provider’s stock worth $15,780,000 after purchasing an additional 60,138 shares during the period. 65.06% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on BAC shares. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday. Wolfe Research assumed coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. Finally, BMO Capital Markets increased their price target 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. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $34.63.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.04. The company had revenue of $22.78 billion during the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. Bank of America’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the business earned $0.48 EPS. Equities research analysts expect that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.10%. Bank of America’s dividend payout ratio is currently 32.79%.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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