Burns J W & Co. Inc. NY Purchases 3,105 Shares of Bank of America Co. (NYSE:BAC)

Burns J W & Co. Inc. NY grew its position in Bank of America Co. (NYSE:BAC) by 2.9% in the third quarter, HoldingsChannel.com reports. The fund owned 110,330 shares of the financial services provider’s stock after buying an additional 3,105 shares during the quarter. Burns J W & Co. Inc. NY’s holdings in Bank of America were worth $4,683,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Probity Advisors Inc. raised its stake in Bank of America by 0.5% during the third quarter. Probity Advisors Inc. now owns 46,843 shares of the financial services provider’s stock worth $1,988,000 after buying an additional 227 shares during the last quarter. Garrett Investment Advisors LLC grew its holdings in shares of Bank of America by 4.2% during the third quarter. Garrett Investment Advisors LLC now owns 5,700 shares of the financial services provider’s stock valued at $242,000 after buying an additional 228 shares during the last quarter. Adalta Capital Management LLC grew its holdings in shares of Bank of America by 7.3% during the second quarter. Adalta Capital Management LLC now owns 3,662 shares of the financial services provider’s stock valued at $151,000 after buying an additional 250 shares during the last quarter. IMS Capital Management lifted its position in shares of Bank of America by 1.4% during the third quarter. IMS Capital Management now owns 17,977 shares of the financial services provider’s stock valued at $763,000 after purchasing an additional 252 shares in the last quarter. Finally, AGF Investments LLC lifted its position in shares of Bank of America by 2.7% during the second quarter. AGF Investments LLC now owns 9,693 shares of the financial services provider’s stock valued at $400,000 after purchasing an additional 259 shares in the last quarter. Hedge funds and other institutional investors own 70.67% of the company’s stock.

In other news, insider Dean C. Athanasia sold 108,478 shares of the stock in a transaction that occurred on Friday, October 15th. The shares were sold at an average price of $45.77, for a total value of $4,965,038.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frank P. Bramble sold 2,200 shares of the stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total transaction of $106,084.00. The disclosure for this sale can be found here. 0.22% of the stock is owned by corporate insiders.

Several research firms have recently issued reports on BAC. Oppenheimer boosted their price target on shares of Bank of America from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, October 15th. Royal Bank of Canada boosted their price objective on shares of Bank of America from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, October 15th. Jefferies Financial Group boosted their price target on shares of Bank of America from $41.00 to $48.00 and gave the stock a “hold” rating in a research note on Monday, October 11th. Wolfe Research cut shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price target for the company. in a research note on Wednesday, October 13th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $60.00 price target (up previously from $55.00) on shares of Bank of America in a research note on Monday, October 25th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $44.04.

Shares of NYSE BAC opened at $47.40 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $27.92 and a 12 month high of $48.69. The firm has a market capitalization of $387.93 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.86 and a beta of 1.53. The firm has a fifty day simple moving average of $45.06 and a two-hundred day simple moving average of $42.29.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.14. The firm had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $21.60 billion. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The company’s revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.49 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Stockholders of record on Friday, December 3rd will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Thursday, December 2nd. Bank of America’s dividend payout ratio is presently 25.23%.

Bank of America Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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