Integrated Advisors Network LLC lowered its position in shares of Bank of America Co. (NYSE:BAC) by 1.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,463 shares of the financial services provider’s stock after selling 938 shares during the quarter. Integrated Advisors Network LLC’s holdings in Bank of America were worth $1,384,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Wade G W & Inc. grew its stake in shares of Bank of America by 0.6% during the 3rd quarter. Wade G W & Inc. now owns 67,147 shares of the financial services provider’s stock worth $1,618,000 after acquiring an additional 371 shares in the last quarter. Ninety One North America Inc. grew its position in shares of Bank of America by 0.5% in the second quarter. Ninety One North America Inc. now owns 75,114 shares of the financial services provider’s stock valued at $2,646,000 after purchasing an additional 387 shares during the last quarter. Pegasus Asset Management Inc. grew its position in shares of Bank of America by 0.5% in the third quarter. Pegasus Asset Management Inc. now owns 87,934 shares of the financial services provider’s stock valued at $2,118,000 after purchasing an additional 401 shares during the last quarter. Tarbox Family Office Inc. boosted its position in Bank of America by 2.3% during the third quarter. Tarbox Family Office Inc. now owns 19,538 shares of the financial services provider’s stock worth $471,000 after acquiring an additional 448 shares during the last quarter. Finally, Intersect Capital LLC boosted its position in Bank of America by 1.2% during the second quarter. Intersect Capital LLC now owns 37,679 shares of the financial services provider’s stock worth $895,000 after acquiring an additional 450 shares during the last quarter. Institutional investors own 68.19% of the company’s stock.
BAC has been the topic of a number of analyst reports. Credit Suisse Group restated a “buy” rating and set a $31.00 target price on shares of Bank of America in a research report on Monday, August 3rd. TheStreet upgraded shares of Bank of America from a “c+” rating to a “b-” rating in a research report on Tuesday, August 25th. JPMorgan Chase & Co. raised their target price on shares of Bank of America from $26.00 to $27.50 and gave the stock an “overweight” rating in a research report on Tuesday, October 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a “hold” rating to a “buy” rating and lifted their price target for the company from $27.00 to $29.00 in a report on Thursday, September 3rd. Finally, Oppenheimer reissued a “buy” rating on shares of Bank of America in a research note on Tuesday, September 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $29.31.
Shares of NYSE BAC traded down $0.39 during mid-day trading on Tuesday, reaching $27.19. The company’s stock had a trading volume of 571,562 shares, compared to its average volume of 70,862,086. The firm has a market capitalization of $238.59 billion, a PE ratio of 13.40, a P/E/G ratio of 2.15 and a beta of 1.56. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a fifty day moving average of $24.74 and a two-hundred day moving average of $24.65. Bank of America Co. has a 52 week low of $17.95 and a 52 week high of $35.72.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). The business had revenue of $20.30 billion during the quarter, compared to the consensus estimate of $20.88 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business’s revenue was down 11.6% on a year-over-year basis. During the same period last year, the company earned $0.75 EPS. Analysts anticipate that Bank of America Co. will post 1.77 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Stockholders of record on Friday, December 4th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Thursday, December 3rd. Bank of America’s dividend payout ratio (DPR) is 24.49%.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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