Asio Capital LLC Sells 9,948 Shares of Bank of America Corporation $BAC

Asio Capital LLC lessened its holdings in Bank of America Corporation (NYSE:BAC) by 9.1% during the third quarter, Holdings Channel.com reports. The firm owned 99,450 shares of the financial services provider’s stock after selling 9,948 shares during the quarter. Asio Capital LLC’s holdings in Bank of America were worth $5,131,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BAC. Custos Family Office LLC bought a new position in shares of Bank of America during the third quarter valued at about $260,000. MBL Wealth LLC grew its position in Bank of America by 8.7% during the 3rd quarter. MBL Wealth LLC now owns 25,768 shares of the financial services provider’s stock worth $1,329,000 after acquiring an additional 2,060 shares during the last quarter. Regent Peak Wealth Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $622,000. Trust Co. of Toledo NA OH increased its stake in Bank of America by 7.1% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 15,065 shares of the financial services provider’s stock worth $777,000 after purchasing an additional 1,000 shares during the period. Finally, DecisionMap Wealth Management LLC bought a new stake in Bank of America in the third quarter valued at approximately $200,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Robert W. Baird lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Seaport Global Securities boosted their price objective on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Daiwa Capital Markets raised their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price target on Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $58.59.

Bank of America Stock Performance

Shares of BAC opened at $56.29 on Friday. The company has a market cap of $411.06 billion, a price-to-earnings ratio of 15.34 and a beta of 1.30. The business’s fifty day simple moving average is $53.35 and its two-hundred day simple moving average is $50.14. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $56.50. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Bank of America Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.