Beach Investment Management LLC. reduced its stake in shares of Bank of America Corp (NYSE:BAC) by 21.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,670 shares of the financial services provider’s stock after selling 14,270 shares during the quarter. Bank of America makes up about 2.5% of Beach Investment Management LLC.’s holdings, making the stock its 16th biggest holding. Beach Investment Management LLC.’s holdings in Bank of America were worth $1,581,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Buckingham Asset Management LLC grew its position in shares of Bank of America by 16.7% in the 3rd quarter. Buckingham Asset Management LLC now owns 76,033 shares of the financial services provider’s stock worth $2,240,000 after buying an additional 10,866 shares during the period. First Long Island Investors LLC grew its position in shares of Bank of America by 2.6% in the 3rd quarter. First Long Island Investors LLC now owns 304,116 shares of the financial services provider’s stock worth $8,959,000 after buying an additional 7,678 shares during the period. Citizens Financial Group Inc RI grew its position in shares of Bank of America by 484.0% in the 3rd quarter. Citizens Financial Group Inc RI now owns 347,842 shares of the financial services provider’s stock worth $10,247,000 after buying an additional 288,283 shares during the period. Zions Bancorporation purchased a new stake in shares of Bank of America in the 3rd quarter worth about $528,000. Finally, Meeder Asset Management Inc. grew its position in shares of Bank of America by 12.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 535,665 shares of the financial services provider’s stock worth $15,780,000 after buying an additional 60,138 shares during the period. 65.06% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on the stock. BMO Capital Markets upped their target price 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. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. 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. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $34.63.
Shares of Bank of America stock opened at $28.52 on Friday. The stock has a market capitalization of $288.97 billion, a P/E ratio of 15.58, a PEG ratio of 1.38 and a beta of 1.31. 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.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. The company had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. Bank of America’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.48 EPS. As a group, analysts expect that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s payout ratio is 32.79%.
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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.
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