Aprio Wealth Management LLC raised its stake in Bank of America Co. (NYSE:BAC) by 38.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,803 shares of the financial services provider’s stock after acquiring an additional 3,850 shares during the quarter. Aprio Wealth Management LLC’s holdings in Bank of America were worth $586,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Newton One Investments LLC acquired a new position in shares of Bank of America in the second quarter worth $29,000. Cowen Prime Advisors LLC acquired a new position in Bank of America in the second quarter valued at $31,000. PrairieView Partners LLC increased its stake in Bank of America by 162.5% in the third quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 450 shares during the last quarter. Elmwood Wealth Management Inc. increased its stake in Bank of America by 138.9% in the second quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 500 shares during the last quarter. Finally, Mascoma Wealth Management LLC acquired a new position in Bank of America in the third quarter valued at $36,000. 70.67% of the stock is owned by institutional investors.
BAC has been the subject of several analyst reports. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating and set a $46.50 target price for the company in a research note on Monday, September 13th. Robert W. Baird downgraded Bank of America from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $47.17 to $42.00 in a report on Monday, November 1st. They noted that the move was a valuation call. Morgan Stanley increased their price target on Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, July 29th. Royal Bank of Canada increased their price target on Bank of America from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, October 15th. Finally, Oppenheimer raised their target price on Bank of America from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, October 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $44.04.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.14. The firm had revenue of $22.77 billion during the quarter, compared to analyst estimates of $21.60 billion. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the company posted $0.51 EPS. On average, research analysts predict that Bank of America Co. will post 3.49 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 31st. Stockholders of record on Friday, December 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, December 2nd. Bank of America’s dividend payout ratio is presently 25.23%.
In other news, insider Dean C. Athanasia sold 108,478 shares of the firm’s stock in a transaction on Friday, October 15th. The stock was sold at an average price of $45.77, for a total transaction of $4,965,038.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank P. Bramble sold 2,200 shares of the firm’s stock in a transaction on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total value of $106,084.00. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.
Bank of America Profile
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
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