Buckingham Asset Management LLC raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 16.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,033 shares of the financial services provider’s stock after buying an additional 10,866 shares during the period. Buckingham Asset Management LLC’s holdings in Bank of America were worth $2,240,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Atlantic Trust LLC increased its holdings in Bank of America by 18.3% during the second quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock valued at $398,000 after buying an additional 2,180 shares during the last quarter. Oarsman Capital Inc. boosted its position in shares of Bank of America by 3.7% in the second quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock worth $2,019,000 after purchasing an additional 2,540 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in shares of Bank of America by 20.5% in the third quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 576,534 shares of the financial services provider’s stock worth $17,170,000 after purchasing an additional 97,989 shares during the period. Fulton Bank N.A. boosted its position in shares of Bank of America by 11.1% in the third quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock worth $4,522,000 after purchasing an additional 15,306 shares during the period. Finally, Stillwater Capital Advisors LLC boosted its position in shares of Bank of America by 1.4% in the third quarter. Stillwater Capital Advisors LLC now owns 378,714 shares of the financial services provider’s stock worth $11,157,000 after purchasing an additional 5,354 shares during the period. 65.06% of the stock is owned by institutional investors and hedge funds.
BAC opened at $28.52 on Friday. The company has a market capitalization of $292.35 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.40 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 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 issued its 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 net margin of 21.85% and a return on equity of 10.82%. The firm had revenue of $22.78 billion during the quarter, compared to analyst estimates of $22.63 billion. During the same quarter in the prior year, the business earned $0.48 earnings per share. Bank of America’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be given a dividend of $0.15 per share. 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 2.10%. Bank of America’s dividend payout ratio is 32.79%.
A number of equities analysts have weighed in on BAC shares. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday. BMO Capital Markets upped their price target 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. Finally, Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $34.63.
About Bank of America
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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