Arden Trust Co reduced its stake in Bank of America Co. (NYSE:BAC) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,058 shares of the financial services provider’s stock after selling 656 shares during the quarter. Arden Trust Co’s holdings in Bank of America were worth $2,073,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in BAC. Trust Co. of Oklahoma bought a new stake in Bank of America during the third quarter valued at $376,000. Boothe Investment Group Inc. bought a new stake in shares of Bank of America during the 2nd quarter valued at about $4,233,000. Strategic Investment Advisors MI grew its stake in Bank of America by 30.3% during the third quarter. Strategic Investment Advisors MI now owns 18,317 shares of the financial services provider’s stock worth $441,000 after purchasing an additional 4,255 shares during the period. Investment House LLC increased its holdings in Bank of America by 669.0% in the second quarter. Investment House LLC now owns 100,834 shares of the financial services provider’s stock worth $2,395,000 after purchasing an additional 87,721 shares in the last quarter. Finally, Community Bank N.A. increased its holdings in Bank of America by 303.8% in the second quarter. Community Bank N.A. now owns 34,093 shares of the financial services provider’s stock worth $809,000 after purchasing an additional 25,649 shares in the last quarter. Institutional investors and hedge funds own 68.19% of the company’s stock.
Several analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $29.00 in a research report on Thursday, September 3rd. Oppenheimer restated a “buy” rating on shares of Bank of America in a report on Tuesday, September 8th. Morgan Stanley upped their price objective on shares of Bank of America from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. TheStreet upgraded Bank of America from a “c+” rating to a “b-” rating in a research note on Tuesday, August 25th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $31.00 target price on shares of Bank of America in a research report on Monday, August 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the stock. Bank of America has a consensus rating of “Buy” and a consensus target price of $29.31.
Shares of NYSE:BAC opened at $24.24 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08. The stock has a market cap of $210.02 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 2.12 and a beta of 1.54. The stock’s fifty day simple moving average is $25.04 and its two-hundred day simple moving average is $24.25. Bank of America Co. has a 1-year low of $17.95 and a 1-year high of $35.72.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.02). Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The firm had revenue of $20.30 billion during the quarter, compared to analysts’ expectations of $20.88 billion. During the same quarter in the prior year, the company earned $0.75 EPS. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 1.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $0.72 annualized dividend and a dividend yield of 2.97%. Bank of America’s dividend payout ratio is currently 24.49%.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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