Reliance Trust Co. of Delaware increased its position in shares of Bank of America Corp (NYSE:BAC) by 10.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,782 shares of the financial services provider’s stock after purchasing an additional 6,931 shares during the quarter. Reliance Trust Co. of Delaware’s holdings in Bank of America were worth $2,085,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its holdings in Bank of America by 200.6% during the 2nd quarter. Versant Capital Management Inc now owns 4,879 shares of the financial services provider’s stock worth $137,000 after acquiring an additional 3,256 shares during the period. IFM Investors Pty Ltd grew its holdings in Bank of America by 42.9% during the 2nd quarter. IFM Investors Pty Ltd now owns 440,785 shares of the financial services provider’s stock worth $12,426,000 after acquiring an additional 132,354 shares during the period. CENTRAL TRUST Co grew its holdings in Bank of America by 4.0% during the 2nd quarter. CENTRAL TRUST Co now owns 203,995 shares of the financial services provider’s stock worth $5,750,000 after acquiring an additional 7,857 shares during the period. Empirical Finance LLC grew its holdings in Bank of America by 42.4% during the 2nd quarter. Empirical Finance LLC now owns 16,843 shares of the financial services provider’s stock worth $475,000 after acquiring an additional 5,012 shares during the period. Finally, Cullinan Associates Inc. grew its holdings in Bank of America by 1.6% during the 2nd quarter. Cullinan Associates Inc. now owns 116,943 shares of the financial services provider’s stock worth $3,297,000 after acquiring an additional 1,800 shares during the period. 65.12% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. BMO Capital Markets lifted their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Tuesday, October 16th. ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Finally, Wolfe Research assumed coverage on shares of Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. Bank of America has a consensus rating of “Buy” and an average target price of $34.63.
In other 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 value of $500,070.20. Following the completion of the transaction, the insider now owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is owned by insiders.
Shares of BAC stock opened at $27.89 on Friday. Bank of America Corp has a 12-month low of $25.81 and a 12-month high of $33.05. The firm has a market capitalization of $281.70 billion, a PE ratio of 15.24, a PEG ratio of 1.35 and a beta of 1.30. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to analyst estimates of $22.63 billion. During the same quarter in the previous year, the business earned $0.48 EPS. The firm’s revenue was up 3.2% on a year-over-year basis. Equities analysts expect that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend 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 (DPR) is 32.79%.
Bank of America 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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