Wealthstreet Investment Advisors LLC lowered its position in Bank of America Corp (NYSE:BAC) by 0.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 405,257 shares of the financial services provider’s stock after selling 2,800 shares during the period. Bank of America comprises about 1.5% of Wealthstreet Investment Advisors LLC’s investment portfolio, making the stock its 14th biggest holding. Wealthstreet Investment Advisors LLC’s holdings in Bank of America were worth $11,939,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Atlantic Trust LLC grew its holdings in Bank of America by 18.3% during the second quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock valued at $398,000 after purchasing an additional 2,180 shares during the period. Oarsman Capital Inc. grew its holdings in Bank of America by 3.7% during the second quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock valued at $2,019,000 after purchasing an additional 2,540 shares during the period. Fulton Bank N.A. lifted its position in shares of Bank of America by 11.1% in the third quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock valued at $4,522,000 after acquiring an additional 15,306 shares in the last quarter. Associated Banc Corp lifted its position in shares of Bank of America by 9.2% in the second quarter. Associated Banc Corp now owns 328,171 shares of the financial services provider’s stock valued at $9,252,000 after acquiring an additional 27,611 shares in the last quarter. Finally, Financial Advocates Investment Management lifted its position in shares of Bank of America by 8.1% in the second quarter. Financial Advocates Investment Management now owns 64,406 shares of the financial services provider’s stock valued at $1,821,000 after acquiring an additional 4,821 shares in the last quarter. 65.06% of the stock is owned by institutional investors.
Shares of Bank of America stock opened at $27.89 on Monday. Bank of America Corp has a 52 week low of $25.81 and a 52 week high of $33.05. The stock has a market capitalization of $285.70 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 1.37 and a beta of 1.31. 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 (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The company had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 earnings per share. On average, equities research analysts anticipate that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be given 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 currently 32.79%.
Several brokerages have recently commented on BAC. BMO Capital Markets boosted their price objective on 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. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Finally, Wolfe Research began coverage on Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $34.63.
In related news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now directly owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by insiders.
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.
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