Amica Mutual Insurance Co. lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 7.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 298,226 shares of the financial services provider’s stock after selling 22,892 shares during the quarter. Bank of America comprises about 0.9% of Amica Mutual Insurance Co.’s portfolio, making the stock its 17th largest holding. Amica Mutual Insurance Co.’s holdings in Bank of America were worth $8,786,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. CSat Investment Advisory L.P. acquired a new stake in Bank of America in the 2nd quarter worth about $103,000. Cardinal Capital Management Inc. acquired a new stake in Bank of America in the 3rd quarter worth about $106,000. Quad Cities Investment Group LLC acquired a new stake in Bank of America in the 2nd quarter worth about $112,000. Arlington Partners LLC acquired a new stake in Bank of America in the 3rd quarter worth about $118,000. Finally, Stelac Advisory Services LLC raised its stake in Bank of America by 50.2% in the 3rd quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 1,922 shares in the last quarter. Institutional investors own 63.75% of the company’s stock.
BAC stock opened at $28.04 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. Bank of America Corp has a 12 month low of $25.88 and a 12 month high of $33.05. The stock has a market capitalization of $284.16 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 1.36 and a beta of 1.31.
Bank of America (NYSE:BAC) last released its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the 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 for the quarter, compared to analyst estimates of $22.63 billion. During the same period last year, the firm earned $0.48 EPS. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.14%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio is currently 32.79%.
Several 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 note on Thursday, November 8th. Wolfe Research started coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. Finally, BMO Capital Markets lifted their price objective on shares of 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. Six 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 a consensus rating of “Buy” and a consensus target price of $34.63.
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Bank of America 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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