Stieven Capital Advisors L.P. raised its stake in Bank of America Corp (NYSE:BAC) by 10.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 532,800 shares of the financial services provider’s stock after purchasing an additional 51,300 shares during the period. Bank of America accounts for 2.5% of Stieven Capital Advisors L.P.’s holdings, making the stock its 14th biggest holding. Stieven Capital Advisors L.P.’s holdings in Bank of America were worth $15,696,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ford Financial Group Inc. boosted its stake in shares of Bank of America by 179.5% in the second quarter. Ford Financial Group Inc. now owns 21,968 shares of the financial services provider’s stock valued at $621,000 after buying an additional 14,108 shares in the last quarter. BigSur Wealth Management LLC boosted its position in Bank of America by 24.8% during the second quarter. BigSur Wealth Management LLC now owns 22,650 shares of the financial services provider’s stock worth $639,000 after purchasing an additional 4,500 shares in the last quarter. Dana Investment Advisors Inc. boosted its position in Bank of America by 1.3% during the second quarter. Dana Investment Advisors Inc. now owns 1,160,529 shares of the financial services provider’s stock worth $32,715,000 after purchasing an additional 15,071 shares in the last quarter. Synovus Financial Corp boosted its position in Bank of America by 4.5% during the second quarter. Synovus Financial Corp now owns 650,542 shares of the financial services provider’s stock worth $18,331,000 after purchasing an additional 27,738 shares in the last quarter. Finally, Personal Capital Advisors Corp boosted its position in Bank of America by 57.4% during the second quarter. Personal Capital Advisors Corp now owns 45,965 shares of the financial services provider’s stock worth $1,296,000 after purchasing an additional 16,762 shares in the last quarter. 64.39% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday, November 8th. Wolfe Research assumed coverage on Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. Finally, BMO Capital Markets boosted their target price on 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. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $34.63.
NYSE BAC opened at $26.99 on Thursday. Bank of America Corp has a fifty-two week low of $25.88 and a fifty-two week high of $33.05. The firm has a market capitalization of $276.48 billion, a PE ratio of 14.75, a P/E/G ratio of 1.32 and a beta of 1.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98.
Bank of America (NYSE:BAC) last released its quarterly 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 return on equity of 10.82% and a net margin of 21.85%. The company had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period in the previous year, the firm posted $0.48 earnings per share. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, research analysts predict that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The business 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. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is 32.79%.
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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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