Stolper Co reduced its stake in Bank of America Co. (NYSE:BAC) by 1.6% in the third quarter, HoldingsChannel.com reports. The fund owned 132,063 shares of the financial services provider’s stock after selling 2,113 shares during the quarter. Bank of America accounts for 2.7% of Stolper Co’s portfolio, making the stock its 8th biggest position. Stolper Co’s holdings in Bank of America were worth $5,606,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the business. Asset Management Corp IL ADV acquired a new position in Bank of America in the third quarter valued at approximately $760,000. C J Advisory Inc. bought a new stake in shares of Bank of America during the third quarter valued at approximately $204,000. Buffington Mohr McNeal raised its holdings in shares of Bank of America by 10.2% during the third quarter. Buffington Mohr McNeal now owns 47,429 shares of the financial services provider’s stock valued at $2,013,000 after buying an additional 4,373 shares during the last quarter. Burns J W & Co. Inc. NY raised its holdings in Bank of America by 2.9% during the third quarter. Burns J W & Co. Inc. NY now owns 110,330 shares of the financial services provider’s stock worth $4,683,000 after purchasing an additional 3,105 shares in the last quarter. Finally, Everhart Financial Group Inc. raised its holdings in Bank of America by 2.3% during the third quarter. Everhart Financial Group Inc. now owns 16,838 shares of the financial services provider’s stock worth $715,000 after purchasing an additional 371 shares in the last quarter. Institutional investors own 70.67% of the company’s stock.
Several equities research analysts recently commented on BAC shares. Oppenheimer boosted their target price on Bank of America from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, October 15th. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating and set a $46.50 target price on the stock in a report on Monday, September 13th. Robert W. Baird cut Bank of America from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $47.17 to $42.00 in a report on Monday, November 1st. They noted that the move was a valuation call. Evercore ISI upped their price target on Bank of America from $43.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, October 15th. They noted that the move was a valuation call. Finally, Morgan Stanley upped their price target on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $44.04.
Shares of Bank of America stock traded up $0.28 on Wednesday, hitting $47.78. 730,748 shares of the company traded hands, compared to its average volume of 48,334,852. The company has a 50-day moving average price of $45.06 and a 200 day moving average price of $42.29. The company has a quick ratio of 0.73, a current ratio of 0.74 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 company has a market cap of $391.04 billion, a PE ratio of 14.26, a PEG ratio of 1.86 and a beta of 1.53.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.71 by $0.14. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The business had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $21.60 billion. During the same period in the previous year, the company posted $0.51 EPS. Bank of America’s revenue was up 11.9% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.49 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Stockholders of record on Friday, December 3rd will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Thursday, December 2nd. Bank of America’s dividend payout ratio is currently 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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