Bank of America Corp (BAC) Stake Boosted by Artemis Investment Management LLP

Artemis Investment Management LLP grew its stake in shares of Bank of America Corp (NYSE:BAC) by 13.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,614,144 shares of the financial services provider’s stock after acquiring an additional 440,054 shares during the quarter. Bank of America comprises approximately 1.2% of Artemis Investment Management LLP’s investment portfolio, making the stock its 19th largest holding. Artemis Investment Management LLP’s holdings in Bank of America were worth $106,490,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cardinal Capital Management Inc. acquired a new position in Bank of America in the 3rd quarter worth approximately $106,000. CSat Investment Advisory L.P. acquired a new position in Bank of America in the 2nd quarter worth approximately $103,000. Quad Cities Investment Group LLC acquired a new position in Bank of America in the 2nd quarter worth approximately $112,000. Arlington Partners LLC acquired a new position in Bank of America in the 3rd quarter worth approximately $118,000. Finally, Whitnell & Co. acquired a new position in Bank of America in the 2nd quarter worth approximately $134,000. Hedge funds and other institutional investors own 63.75% of the company’s stock.

BAC has been the topic of several research reports. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Wolfe Research initiated coverage on shares of Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. 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 report on Tuesday, October 16th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $34.63.

Shares of NYSE BAC opened at $26.97 on Friday. The company has a market cap of $279.35 billion, a PE ratio of 14.74, a PEG ratio of 1.34 and a beta of 1.31. Bank of America Corp has a 12 month low of $25.88 and a 12 month high of $33.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter last year, the company earned $0.48 EPS. As a group, analysts forecast that Bank of America Corp will post 2.55 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be paid 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 dividend yield of 2.22%. Bank of America’s payout ratio is 32.79%.

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

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