Chicago Equity Partners LLC lessened its holdings in shares of Bank of America Corp (NYSE:BAC) by 29.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,393,340 shares of the financial services provider’s stock after selling 577,525 shares during the quarter. Bank of America makes up about 1.1% of Chicago Equity Partners LLC’s investment portfolio, making the stock its 7th biggest position. Chicago Equity Partners LLC’s holdings in Bank of America were worth $35,307,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $100,000. Chicago Partners Investment Group LLC increased its holdings in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth $115,000. Bristlecone Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth $128,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its holdings in shares of Bank of America by 47.1% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after buying an additional 1,850 shares during the last quarter. 68.43% of the stock is currently owned by institutional investors.
Bank of America Corp (NYSE BAC) opened at $30.55 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market cap of $318,660.00, a PE ratio of 17.76, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. Bank of America Corp has a 12-month low of $22.01 and a 12-month high of $30.73.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. equities research analysts predict that Bank of America Corp will post 1.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.57%. Bank of America’s payout ratio is currently 27.91%.
Bank of America declared that its board has authorized a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
A number of analysts have recently commented on the company. Societe Generale downgraded Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday. Vetr downgraded Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective for the company. in a report on Wednesday. BMO Capital Markets restated a “hold” rating and set a $31.00 price objective on shares of Bank of America in a report on Monday. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Tuesday, January 2nd. Finally, Instinet dropped their price objective on Bank of America from $37.00 to $30.00 in a report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $27.56.
COPYRIGHT VIOLATION WARNING: This news story was posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The correct version of this news story can be read at https://www.dispatchtribunal.com/2018/01/11/bank-of-america-corp-bac-shares-sold-by-chicago-equity-partners-llc.html.
Bank of America Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.