Stevens Capital Management LP cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 5.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 526,273 shares of the financial services provider’s stock after selling 31,208 shares during the quarter. Stevens Capital Management LP’s holdings in Bank of America were worth $15,504,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. CSat Investment Advisory L.P. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $103,000. Cardinal Capital Management Inc. acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $106,000. Quad Cities Investment Group LLC acquired a new stake in Bank of America in the 2nd quarter valued at $112,000. Arlington Partners LLC acquired a new stake in Bank of America in the 3rd quarter valued at $118,000. Finally, Stelac Advisory Services LLC grew its stake in Bank of America by 50.2% in the 3rd quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 1,922 shares during the period. 64.39% of the stock is owned by institutional investors.
Shares of BAC opened at $25.43 on Friday. Bank of America Corp has a 52-week low of $25.30 and a 52-week 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. The firm has a market cap of $269.20 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27.
Bank of America (NYSE:BAC) last announced its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $22.63 billion. During the same quarter in the previous year, the company posted $0.48 EPS. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. As a group, analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 32.79%.
A number of research firms recently issued reports on BAC. Credit Suisse Group dropped their price target on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday. BMO Capital Markets lifted their price target on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. Wolfe Research began coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $34.55.
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Bank of America Company 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.
Read More: Earnings Per Share (EPS)
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