First Long Island Investors LLC lifted its position in shares of Bank of America Corp (NYSE:BAC) by 2.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 304,116 shares of the financial services provider’s stock after acquiring an additional 7,678 shares during the quarter. First Long Island Investors LLC’s holdings in Bank of America were worth $8,959,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Citizens Financial Group Inc RI grew its stake in shares of Bank of America by 484.0% during the third quarter. Citizens Financial Group Inc RI now owns 347,842 shares of the financial services provider’s stock worth $10,247,000 after purchasing an additional 288,283 shares during the period. Zions Bancorporation acquired a new stake in shares of Bank of America during the third quarter worth $528,000. Meeder Asset Management Inc. grew its stake in shares of Bank of America by 12.6% during the third quarter. Meeder Asset Management Inc. now owns 535,665 shares of the financial services provider’s stock worth $15,780,000 after purchasing an additional 60,138 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Bank of America during the third quarter worth $2,173,000. Finally, Beaumont Financial Partners LLC grew its stake in shares of Bank of America by 112.5% during the third quarter. Beaumont Financial Partners LLC now owns 21,208 shares of the financial services provider’s stock worth $625,000 after purchasing an additional 11,230 shares during the period. Institutional investors own 65.06% of the company’s stock.
NYSE:BAC opened at $28.52 on Friday. Bank of America Corp has a 1 year low of $25.81 and a 1 year high of $33.05. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $292.35 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.40 and a beta of 1.31.
Bank of America (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period in the previous year, the firm earned $0.48 earnings per share. The company’s revenue was up 3.2% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Corp will post 2.55 earnings per share for the current 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 $0.15 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.10%. Bank of America’s payout ratio is 32.79%.
BAC has been the subject of a number of analyst reports. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday. BMO Capital Markets lifted their price objective on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Finally, Wolfe Research initiated coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $34.63.
ILLEGAL ACTIVITY WARNING: This news story was reported by American Banking News and is the property of of American Banking News. If you are accessing this news story on another publication, it was illegally copied and republished in violation of United States and international trademark and copyright laws. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2018/11/10/first-long-island-investors-llc-purchases-7678-shares-of-bank-of-america-corp-bac.html.
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: What is the Rule of 72?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.