Mutual of America Capital Management LLC cut its position in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 971,859 shares of the financial services provider’s stock after selling 12,782 shares during the period. Bank of America comprises approximately 0.4% of Mutual of America Capital Management LLC’s investment portfolio, making the stock its 26th biggest holding. Mutual of America Capital Management LLC’s holdings in Bank of America were worth $41,255,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. PrairieView Partners LLC increased its holdings in Bank of America by 162.5% during the 3rd quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 450 shares during the period. Core Alternative Capital purchased a new position in Bank of America in the 3rd quarter worth $34,000. Elmwood Wealth Management Inc. raised its stake in Bank of America by 138.9% in the 2nd quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 500 shares during the last quarter. Mascoma Wealth Management LLC purchased a new position in Bank of America in the 3rd quarter worth $36,000. Finally, Private Ocean LLC raised its stake in shares of Bank of America by 67.1% during the 3rd quarter. Private Ocean LLC now owns 879 shares of the financial services provider’s stock valued at $37,000 after buying an additional 353 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.
BAC has been the topic of several research analyst reports. UBS Group initiated coverage on Bank of America in a report on Friday, December 10th. They issued a “buy” rating and a $64.00 price objective on the stock. Wells Fargo & Company reiterated an “overweight” rating and issued a $60.00 price objective (up from $55.00) on shares of Bank of America in a report on Monday, October 25th. JPMorgan Chase & Co. boosted their target price on Bank of America from $50.00 to $52.50 and gave the company an “overweight” rating in a research report on Thursday, January 6th. Morgan Stanley upped their price objective on Bank of America from $42.00 to $49.00 and gave the stock an “underweight” rating in a research report on Monday, December 6th. Finally, The Goldman Sachs Group boosted their target price on shares of Bank of America from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, October 15th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Bank of America currently has an average rating of “Buy” and an average target price of $48.88.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.14. The firm had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $21.60 billion. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.51 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.49 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 31st. Stockholders of record on Friday, December 3rd were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, December 2nd. Bank of America’s dividend payout ratio is presently 25.23%.
In other Bank of America news, Director Frank P. Bramble sold 2,200 shares of the company’s stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $48.22, for a total value of $106,084.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.22% of the company’s stock.
About Bank of America
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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