SG Americas Securities LLC Increases Stake in Bank of America Corp (NYSE:BAC)

SG Americas Securities LLC raised its position in Bank of America Corp (NYSE:BAC) by 110.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,614,999 shares of the financial services provider’s stock after purchasing an additional 847,473 shares during the period. SG Americas Securities LLC’s holdings in Bank of America were worth $47,110,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Garrett Wealth Advisory Group LLC acquired a new position in shares of Bank of America during the third quarter worth about $25,000. Larson Financial Group LLC lifted its stake in Bank of America by 195.6% during the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 880 shares during the last quarter. Salomon & Ludwin LLC lifted its stake in Bank of America by 120.6% during the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares during the last quarter. Selective Wealth Management Inc. purchased a new stake in Bank of America during the third quarter worth approximately $43,000. Finally, WealthStone Inc. purchased a new stake in Bank of America during the second quarter worth approximately $49,000. Institutional investors own 70.75% of the company’s stock.

BAC stock traded up $0.03 on Friday, reaching $33.26. 38,722,991 shares of the company’s stock were exchanged, compared to its average volume of 56,181,609. The stock has a fifty day moving average of $30.13 and a 200-day moving average of $29.05. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $33.60. The firm has a market cap of $298.55 billion, a PE ratio of 12.74, a P/E/G ratio of 1.27 and a beta of 1.62. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.99.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share 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 firm had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. Bank of America’s quarterly revenue was up .3% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corp will post 2.89 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors 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 yield of 2.16%. The ex-dividend date is Thursday, December 5th. Bank of America’s dividend payout ratio is presently 27.59%.

In other Bank of America news, Director Frank P. Bramble sold 6,500 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,566,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The disclosure for this sale can be found here. Insiders have sold 51,870 shares of company stock worth $1,476,104 in the last ninety days. 0.17% of the stock is currently owned by corporate insiders.

Several equities research analysts recently weighed in on BAC shares. Morgan Stanley decreased their target price on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Tuesday, October 15th. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Finally, ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $32.59.

About Bank of America

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.

Further Reading: Market Perform

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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