Standard Life Aberdeen plc lifted its stake in shares of Bank of America Corp (NYSE:BAC) by 2.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,334,753 shares of the financial services provider’s stock after purchasing an additional 455,380 shares during the quarter. Bank of America comprises approximately 1.1% of Standard Life Aberdeen plc’s portfolio, making the stock its 16th biggest position. Standard Life Aberdeen plc owned about 0.20% of Bank of America worth $599,163,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in BAC. Atlantic Trust LLC raised its position in Bank of America by 18.3% in the second quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock worth $398,000 after acquiring an additional 2,180 shares in the last quarter. Oarsman Capital Inc. raised its position in Bank of America by 3.7% in the second quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock worth $2,019,000 after acquiring an additional 2,540 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its holdings in Bank of America by 20.5% in the third quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 576,534 shares of the financial services provider’s stock valued at $17,170,000 after purchasing an additional 97,989 shares during the last quarter. Davidson Investment Advisors grew its holdings in Bank of America by 1.8% in the third quarter. Davidson Investment Advisors now owns 655,455 shares of the financial services provider’s stock valued at $19,310,000 after purchasing an additional 11,656 shares during the last quarter. Finally, Fulton Bank N.A. grew its holdings in Bank of America by 11.1% in the third quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock valued at $4,522,000 after purchasing an additional 15,306 shares during the last quarter. Institutional investors and hedge funds own 64.39% of the company’s stock.
BAC opened at $25.43 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market cap 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 52 week low of $25.30 and a 52 week high of $33.05.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 earnings per share. Equities analysts predict that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s payout ratio is currently 32.79%.
Several research firms have weighed in on BAC. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Credit Suisse Group lowered their target price on Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday. Wolfe Research began coverage on Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. 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 report on Tuesday, October 16th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus 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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