Ridgewood Investments LLC raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,757 shares of the financial services provider’s stock after buying an additional 350 shares during the period. Ridgewood Investments LLC’s holdings in Bank of America were worth $942,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Bank of America by 35.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after purchasing an additional 19,688,816 shares during the last quarter. Nuveen Asset Management LLC increased its stake in Bank of America by 1,905.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after buying an additional 57,060,331 shares during the last quarter. Boston Partners increased its stake in Bank of America by 5.3% in the 3rd quarter. Boston Partners now owns 50,203,449 shares of the financial services provider’s stock valued at $1,465,640,000 after buying an additional 2,542,808 shares during the last quarter. Primecap Management Co. CA lifted its position in Bank of America by 1.6% during the 2nd quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock worth $1,055,666,000 after buying an additional 573,200 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its position in Bank of America by 2.3% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 27,678,525 shares of the financial services provider’s stock worth $807,383,000 after buying an additional 627,776 shares in the last quarter. Institutional investors own 69.19% of the company’s stock.
Several brokerages have recently weighed in on BAC. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Societe Generale lowered Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 29th. Barclays raised Bank of America from an “equal weight” rating to an “overweight” rating and set a $43.00 price target for the company in a research report on Monday, January 6th. ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley restated a “buy” rating and issued a $38.00 price target (up from $35.00) on shares of Bank of America in a research note on Monday, November 18th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. Bank of America presently has a consensus rating of “Hold” and a consensus price target of $34.45.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same quarter in the prior year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts forecast that Bank of America Corp will post 2.87 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, December 6th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.08%. Bank of America’s dividend payout ratio is currently 27.59%.
In other Bank of America news, insider Kathleen A. Knox sold 40,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the transaction, the insider now directly owns 43,744 shares of the company’s stock, valued at approximately $1,322,381.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,566,500. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.
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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