First Pacific Advisors LP lowered its position in shares of Bank of America Corp (NYSE:BAC) by 23.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,062,357 shares of the financial services provider’s stock after selling 4,516,267 shares during the quarter. Bank of America accounts for about 3.2% of First Pacific Advisors LP’s holdings, making the stock its 11th largest position. First Pacific Advisors LP owned approximately 0.15% of Bank of America worth $443,737,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Martin Investment Management LLC increased its stake in 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 buying an additional 1,701 shares during the period. Hartford Financial Management Inc. increased its stake in 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 buying an additional 1,703 shares during the period. Reliant Investment Management LLC increased its stake in 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 buying an additional 1,745 shares during the period. Joel Isaacson & Co. LLC increased its stake in 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 buying an additional 1,779 shares during the period. Finally, Partnervest Advisory Services LLC increased its stake in Bank of America by 6.0% in the 2nd quarter. Partnervest Advisory Services LLC now owns 32,638 shares of the financial services provider’s stock valued at $920,000 after buying an additional 1,847 shares during the period. Institutional investors and hedge funds own 64.39% of the company’s stock.
Several research firms have weighed in on BAC. Credit Suisse Group dropped their price objective on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday. BMO Capital Markets upped their price objective on shares of 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. Wolfe Research began coverage on shares of Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating on the stock. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $34.55.
Shares of BAC opened at $25.43 on Friday. Bank of America Corp has a 12 month low of $25.30 and a 12 month high of $33.05. The firm has a market cap of $269.20 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. During the same quarter in the prior year, the business posted $0.48 EPS. Bank of America’s quarterly revenue was up 3.2% on a year-over-year basis. Equities research analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders 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 dividend yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is 32.79%.
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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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