Lyell Wealth Management LP reduced its position in shares of Bank of America Corp (NYSE:BAC) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 173,705 shares of the financial services provider’s stock after selling 2,965 shares during the period. Bank of America accounts for approximately 1.7% of Lyell Wealth Management LP’s holdings, making the stock its 16th biggest position. Lyell Wealth Management LP’s holdings in Bank of America were worth $5,117,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of BAC. Dimensional Fund Advisors LP raised its stake in Bank of America by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after purchasing an additional 8,925,474 shares during the last quarter. Lansdowne Partners UK LLP raised its stake in Bank of America by 3.0% during the 2nd quarter. Lansdowne Partners UK LLP now owns 32,953,489 shares of the financial services provider’s stock valued at $928,965,000 after purchasing an additional 954,047 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Bank of America by 7.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock valued at $890,740,000 after purchasing an additional 2,057,669 shares during the last quarter. Janus Henderson Group PLC raised its stake in Bank of America by 74.9% during the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after purchasing an additional 11,842,467 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Bank of America by 5.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 26,618,462 shares of the financial services provider’s stock valued at $750,376,000 after purchasing an additional 1,460,474 shares during the last quarter. 65.12% of the stock is owned by institutional investors and hedge funds.
BAC has been the subject of several research analyst reports. BMO Capital Markets upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. Wolfe Research initiated coverage on shares of Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. Finally, ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and an average target price of $34.63.
Shares of BAC stock opened at $27.89 on Friday. Bank of America Corp has a 52-week low of $25.81 and a 52-week high of $33.05. The firm has a market capitalization of $281.70 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 1.35 and a beta of 1.30. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same quarter in the prior year, the company posted $0.48 EPS. The business’s revenue was up 3.2% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current year.
The firm 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 $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s dividend payout ratio is 32.79%.
In other news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the transaction, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.10% of the company’s stock.
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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