Fishman Jay A Ltd. MI increased its stake in Bank of America Corp (NYSE:BAC) by 6.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 266,846 shares of the financial services provider’s stock after purchasing an additional 15,700 shares during the quarter. Bank of America accounts for 1.4% of Fishman Jay A Ltd. MI’s portfolio, making the stock its 20th largest position. Fishman Jay A Ltd. MI’s holdings in Bank of America were worth $7,861,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in Bank of America by 16.2% in 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 period. Lansdowne Partners UK LLP raised its position in Bank of America by 3.0% in 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 period. Sumitomo Mitsui Trust Holdings Inc. raised its position in Bank of America by 7.0% in 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 period. Janus Henderson Group PLC raised its position in Bank of America by 74.9% in 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 period. Finally, Massachusetts Financial Services Co. MA raised its position in Bank of America by 5.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 26,618,462 shares of the financial services provider’s stock worth $750,376,000 after acquiring an additional 1,460,474 shares during the period. Institutional investors own 65.06% of the company’s stock.
Several research analysts have weighed in on the stock. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. BMO Capital Markets increased their price target on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. Finally, Wolfe Research assumed coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. Bank of America has an average rating of “Buy” and an average price target of $34.63.
In other news, insider Catherine P. Bessant sold 15,820 shares of the firm’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 can be accessed through the SEC website. 0.10% of the stock is owned by company insiders.
Shares of BAC stock opened at $27.89 on Monday. The firm has a market cap of $285.70 billion, a PE ratio of 15.24, a PEG ratio of 1.37 and a beta of 1.31. Bank of America Corp has a one year low of $25.81 and a one 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.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.04. The firm had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company’s revenue was up 3.2% on a year-over-year basis. During the same period last year, the firm earned $0.48 EPS. On average, equities analysts forecast that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend 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 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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