Advisory Research Inc. lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 4.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 649,062 shares of the financial services provider’s stock after selling 33,666 shares during the quarter. Advisory Research Inc.’s holdings in Bank of America were worth $19,121,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America in the second quarter valued at approximately $103,000. Cardinal Capital Management Inc. acquired a new position in shares of Bank of America in the third quarter valued at $106,000. Quad Cities Investment Group LLC acquired a new position in shares of Bank of America in the second quarter valued at $112,000. Arlington Partners LLC acquired a new position in shares of Bank of America in the third quarter valued at $118,000. Finally, Stelac Advisory Services LLC raised its stake in shares of Bank of America by 50.2% in the third quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 1,922 shares in the last quarter. 64.39% of the stock is owned by hedge funds and other institutional investors.
Bank of America stock opened at $25.43 on Friday. 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 Corp has a 52-week low of $25.30 and a 52-week high of $33.05. The firm has a market cap of $276.48 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 1.32 and a beta of 1.27.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $22.78 billion during the quarter, compared to analyst estimates of $22.63 billion. During the same period in the prior year, the company posted $0.48 earnings per share. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.36%. Bank of America’s dividend payout ratio is currently 32.79%.
A number of research analysts recently commented on BAC shares. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Wolfe Research started coverage on Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. Credit Suisse Group cut their target price on Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday. Finally, BMO Capital Markets upped their target price on Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $34.55.
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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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