Baltimore Washington Financial Advisors Inc. trimmed its holdings in Bank of America Corp (NYSE:BAC) by 10.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,248 shares of the financial services provider’s stock after selling 1,351 shares during the period. Baltimore Washington Financial Advisors Inc.’s holdings in Bank of America were worth $328,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Larson Financial Group LLC grew its stake in Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 880 shares during the last quarter. Salomon & Ludwin LLC grew its stake in Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 814 shares during the last quarter. WealthStone Inc. acquired a new stake in Bank of America in the 2nd quarter valued at about $49,000. Ellevest Inc. acquired a new stake in Bank of America in the 2nd quarter valued at about $60,000. Finally, Intercontinental Wealth Advisors LLC grew its stake in Bank of America by 39.2% in the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 600 shares during the last quarter. 68.52% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BAC traded down $0.06 during mid-day trading on Thursday, hitting $30.12. The company had a trading volume of 30,698,580 shares, compared to its average volume of 54,640,844. The business’s 50-day simple moving average is $28.71 and its 200-day simple moving average is $28.78. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.17. The stock has a market cap of $282.32 billion, a PE ratio of 11.54, a P/E/G ratio of 1.15 and a beta of 1.60.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $22.96 billion for the quarter, compared to analysts’ expectations of $22.73 billion. During the same period last year, the company earned $0.66 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts expect that Bank of America Corp will post 2.82 earnings per share for the current year.
Bank of America announced that its board has initiated a stock buyback program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.39%. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by company insiders.
BAC has been the topic of several analyst reports. Morgan Stanley decreased their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. Wells Fargo & Co set a $34.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, October 10th. Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research note on Wednesday, July 10th. Finally, DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $32.32.
Bank of America Company 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.
Further Reading: Equal Weight Rating
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.