CMH Wealth Management LLC grew its holdings in Bank of America Corp (NYSE:BAC) by 11.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,551 shares of the financial services provider’s stock after buying an additional 6,280 shares during the period. CMH Wealth Management LLC’s holdings in Bank of America were worth $1,825,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America in the 2nd quarter valued at about $103,000. Cardinal Capital Management Inc. purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $106,000. Quad Cities Investment Group LLC purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $112,000. Arlington Partners LLC purchased a new position in shares of Bank of America in the 3rd quarter worth approximately $118,000. Finally, Whitnell & Co. purchased a new position in shares of Bank of America in the 2nd quarter worth approximately $134,000. 63.75% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Finally, Wolfe Research assumed coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Bank of America has an average rating of “Buy” and an average price target of $34.63.
NYSE:BAC traded down $0.11 during trading hours on Thursday, reaching $27.27. 40,357,345 shares of the company were exchanged, compared to its average volume of 64,933,524. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $280.47 billion, a PE ratio of 14.90, a P/E/G ratio of 1.34 and a beta of 1.31. Bank of America Corp has a twelve month low of $25.88 and a twelve month high of $33.05.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period in the prior year, the business posted $0.48 earnings per share. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. Research analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s payout ratio is 32.79%.
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Bank of America Profile
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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