Pettyjohn Wood & White Inc. increased its holdings in Bank of America Corp (NYSE:BAC) by 11.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 162,611 shares of the financial services provider’s stock after acquiring an additional 16,708 shares during the quarter. Bank of America makes up about 1.4% of Pettyjohn Wood & White Inc.’s holdings, making the stock its 26th biggest position. Pettyjohn Wood & White Inc.’s holdings in Bank of America were worth $4,743,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in BAC. Garrett Wealth Advisory Group LLC purchased a new position in Bank of America in the 3rd quarter valued at $25,000. Larson Financial Group LLC raised its stake in shares of Bank of America by 195.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after buying an additional 880 shares during the last quarter. Selective Wealth Management Inc. acquired a new position in shares of Bank of America during the 3rd quarter worth $43,000. Salomon & Ludwin LLC raised its stake in shares of Bank of America by 120.6% during the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares during the last quarter. Finally, WealthStone Inc. acquired a new position in shares of Bank of America during the 2nd quarter worth $49,000. 70.75% of the stock is currently owned by institutional investors and hedge funds.
BAC has been the subject of several research reports. Raymond James downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Odeon Capital Group raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $33.00 target price (up previously from $30.00) on shares of Bank of America in a research note on Monday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.59.
In other Bank of America news, insider Kathleen A. Knox sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $30.23, for a total value of $1,209,200.00. Following the completion of the transaction, the insider now owns 43,744 shares in the company, valued at approximately $1,322,381.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Of America Corp /De/ Bank purchased 5,370 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was bought at an average price of $11.83 per share, with a total value of $63,527.10. The disclosure for this purchase can be found here. Insiders have sold a total of 51,870 shares of company stock valued at $1,476,104 in the last quarter. Company insiders own 0.17% of the company’s stock.
Shares of NYSE:BAC traded up $0.03 during trading on Friday, reaching $33.26. 38,723,068 shares of the stock were exchanged, compared to its average volume of 56,181,609. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $33.60. The firm has a market cap of $299.18 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 1.27 and a beta of 1.62. The firm’s 50-day moving average price is $30.13 and its 200 day moving average price is $29.05.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The business had revenue of $22.96 billion during the quarter, compared to analysts’ expectations of $22.73 billion. During the same quarter in the previous year, the business earned $0.66 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. As a group, equities research analysts forecast that Bank of America Corp will post 2.89 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Thursday, December 5th. Bank of America’s payout ratio is currently 27.59%.
Bank of America Company 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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