Dowling & Yahnke LLC Has $9.25 Million Position in Bank of America Corp (BAC)

Dowling & Yahnke LLC decreased its holdings in Bank of America Corp (NYSE:BAC) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 313,832 shares of the financial services provider’s stock after selling 5,826 shares during the quarter. Dowling & Yahnke LLC’s holdings in Bank of America were worth $9,245,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings 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 valued at $1,800,203,000 after purchasing an additional 8,925,474 shares during the period. Lansdowne Partners UK LLP raised its holdings 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 valued at $928,965,000 after purchasing an additional 954,047 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings 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 valued at $890,740,000 after purchasing an additional 2,057,669 shares during the period. Janus Henderson Group PLC raised its holdings 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 valued at $779,654,000 after purchasing an additional 11,842,467 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Bank of America by 5.8% during the second 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 period. Institutional investors and hedge funds own 65.12% of the company’s stock.

BAC opened at $27.89 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Bank of America Corp has a fifty-two week low of $25.81 and a fifty-two week high of $33.05. The stock has a market capitalization of $281.70 billion, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 1.35 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 for the quarter, compared to analyst estimates of $22.63 billion. During the same quarter in the prior year, the business posted $0.48 EPS. The firm’s revenue was up 3.2% compared to the same quarter last year. Equities analysts forecast that Bank of America Corp will post 2.55 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be issued a $0.15 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.15%. Bank of America’s dividend payout ratio is presently 32.79%.

In related news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.10% of the company’s stock.

BAC has been the topic of several research reports. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Wolfe Research initiated coverage on shares of Bank of America in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Finally, BMO Capital Markets upped 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 report on Tuesday, October 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. Bank of America has an average rating of “Buy” and a consensus target price of $34.63.

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.

Featured Story: What is Liquidity?

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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.


Leave a Reply