Strategic Financial Group LLC increased its position in shares of Bank of America Corp (NYSE:BAC) by 22.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,054 shares of the financial services provider’s stock after purchasing an additional 2,006 shares during the quarter. Strategic Financial Group LLC’s holdings in Bank of America were worth $326,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in BAC. Janus Henderson Group PLC lifted its stake in 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 purchasing an additional 11,842,467 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in 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 purchasing an additional 8,925,474 shares during the last quarter. Natixis lifted its stake in Bank of America by 256.8% during the second quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock worth $242,851,000 after purchasing an additional 6,200,655 shares during the last quarter. Royal London Asset Management Ltd. bought a new position in Bank of America during the second quarter worth $111,692,000. Finally, Hexavest Inc. bought a new position in Bank of America during the second quarter worth $78,512,000. Hedge funds and other institutional investors own 65.06% of the company’s stock.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction on 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 of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is owned by company insiders.
Shares of NYSE BAC opened at $28.06 on Tuesday. Bank of America Corp has a 1-year low of $25.81 and a 1-year high of $33.05. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $285.70 billion, a price-to-earnings ratio of 15.33, a P/E/G ratio of 1.37 and a beta of 1.31.
Bank of America (NYSE:BAC) last issued its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The firm had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. During the same period last year, the company earned $0.48 earnings per share. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Corp will post 2.55 EPS 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 $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.
BAC has been the topic of several research analyst reports. BMO Capital Markets raised their price objective on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Wolfe Research initiated coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. Finally, ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $34.63.
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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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