WASHINGTON TRUST Co cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 4.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,161,244 shares of the financial services provider’s stock after selling 55,032 shares during the period. Bank of America comprises approximately 1.8% of WASHINGTON TRUST Co’s investment portfolio, making the stock its 12th biggest position. WASHINGTON TRUST Co’s holdings in Bank of America were worth $34,211,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Martin Investment Management LLC lifted its stake in shares of 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 during the last quarter. Hartford Financial Management Inc. lifted its stake in shares of 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 during the last quarter. Reliant Investment Management LLC lifted its stake in shares of 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 during the last quarter. Joel Isaacson & Co. LLC lifted its stake in shares of Bank of America by 1.8% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 101,328 shares of the financial services provider’s stock valued at $2,985,000 after acquiring an additional 1,779 shares during the last quarter. Finally, Partnervest Advisory Services LLC increased its holdings in Bank of America by 6.0% in the second quarter. Partnervest Advisory Services LLC now owns 32,638 shares of the financial services provider’s stock valued at $920,000 after purchasing an additional 1,847 shares during the period. Institutional investors own 64.39% of the company’s stock.
NYSE BAC opened at $25.43 on Friday. The firm has a market capitalization of $269.20 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.29 and a beta of 1.27. Bank of America Corp has a twelve month low of $25.30 and a twelve month 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 quarterly 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 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 the consensus estimate of $22.63 billion. During the same period last year, the business posted $0.48 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be issued 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 yield of 2.36%. Bank of America’s payout ratio is currently 32.79%.
A number of analysts recently weighed in on the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Credit Suisse Group decreased their price objective on Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Friday. Wolfe Research assumed coverage on Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. Finally, BMO Capital Markets increased their price objective on Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a report on Tuesday, October 16th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. 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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