Cadence Capital Management LLC reduced its stake in Bank of America Corp (NYSE:BAC) by 6.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 77,057 shares of the financial services provider’s stock after selling 5,712 shares during the period. Cadence Capital Management LLC’s holdings in Bank of America were worth $2,270,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of BAC. Bartlett & Co. LLC grew its position in Bank of America by 35.8% in the 2nd quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock valued at $173,000 after acquiring an additional 1,621 shares in the last quarter. RNC Capital Management LLC grew its position in Bank of America by 4.6% in the 2nd quarter. RNC Capital Management LLC now owns 38,237 shares of the financial services provider’s stock valued at $1,078,000 after acquiring an additional 1,690 shares in the last quarter. Martin Investment Management LLC grew its position in Bank of America by 0.4% in the 2nd quarter. Martin Investment Management LLC now owns 453,072 shares of the financial services provider’s stock valued at $12,772,000 after acquiring an additional 1,701 shares in the last quarter. Hartford Financial Management Inc. grew its position in Bank of America by 7.7% in the 2nd quarter. Hartford Financial Management Inc. now owns 23,689 shares of the financial services provider’s stock valued at $668,000 after acquiring an additional 1,703 shares in the last quarter. Finally, Reliant Investment Management LLC grew its position in Bank of America by 1.7% in the 2nd quarter. Reliant Investment Management LLC now owns 103,355 shares of the financial services provider’s stock valued at $2,914,000 after acquiring an additional 1,745 shares in the last quarter. Hedge funds and other institutional investors own 65.06% of the company’s stock.
A number of brokerages have recently commented on BAC. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday. Wolfe Research began coverage on Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. Finally, BMO Capital Markets boosted their price objective 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 investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently 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. Bank of America Corp has a one year low of $25.81 and a one year high of $33.05. The stock has a market cap of $292.35 billion, a PE ratio of 11.99, a P/E/G ratio of 1.40 and a beta of 1.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS 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 business had revenue of $22.78 billion during the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the previous year, the company posted $0.48 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Corp will post 2.55 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.
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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