Ascension Asset Management LLC lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 6.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,887 shares of the financial services provider’s stock after selling 3,284 shares during the quarter. Ascension Asset Management LLC’s holdings in Bank of America were worth $1,499,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in BAC. Dimensional Fund Advisors LP grew its position in shares of Bank of America by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after acquiring an additional 8,925,474 shares during the last quarter. Lansdowne Partners UK LLP grew its position in shares of Bank of America by 3.0% during the second quarter. Lansdowne Partners UK LLP now owns 32,953,489 shares of the financial services provider’s stock worth $928,965,000 after acquiring an additional 954,047 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Bank of America by 7.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock worth $890,740,000 after acquiring an additional 2,057,669 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Bank of America by 74.9% during the second quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock worth $779,654,000 after acquiring an additional 11,842,467 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Bank of America by 5.8% in 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 buying an additional 1,460,474 shares during the last quarter. 65.12% of the stock is currently owned by institutional investors.
A number of equities analysts recently weighed in on BAC shares. BMO Capital Markets lifted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Tuesday, October 16th. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $34.63.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the sale, the insider now directly owns 483,680 shares in the company, valued at approximately $15,289,124.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is currently owned by insiders.
NYSE:BAC opened at $27.89 on Friday. Bank of America Corp has a 1-year low of $25.81 and a 1-year 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. The firm has a market capitalization of $274.33 billion, a P/E ratio of 15.24, a PEG ratio of 1.31 and a beta of 1.30.
Bank of America (NYSE:BAC) last issued its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.62 by $0.04. The company had revenue of $22.78 billion for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $0.48 EPS. Analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.15%. Bank of America’s payout ratio is currently 32.79%.
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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