Vestmark Advisory Solutions Inc. lifted its position in shares of Bank of America Corp (NYSE:BAC) by 16.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 94,264 shares of the financial services provider’s stock after acquiring an additional 13,323 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Bank of America were worth $2,750,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of BAC. Garrett Wealth Advisory Group LLC acquired a new position in Bank of America during the third quarter worth about $25,000. Larson Financial Group LLC grew its position in Bank of America by 195.6% during the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after buying an additional 880 shares during the period. Selective Wealth Management Inc. acquired a new position in Bank of America during the third quarter worth about $43,000. Salomon & Ludwin LLC grew its position in Bank of America by 120.6% during the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares during the period. Finally, WealthStone Inc. acquired a new position in Bank of America during the second quarter worth about $49,000. Institutional investors and hedge funds own 70.75% of the company’s stock.
In other Bank of America news, insider Kathleen A. Knox sold 40,000 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the sale, the insider now owns 43,744 shares of the company’s stock, valued at $1,322,381.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank P. Bramble sold 6,500 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now directly owns 50,000 shares in the company, valued at approximately $1,566,500. The disclosure for this sale can be found here. Insiders sold 51,870 shares of company stock worth $1,476,104 in the last ninety days. Insiders own 0.17% of the company’s stock.
Several research analysts have weighed in on BAC shares. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. restated an “overweight” rating and set a $33.00 target price (up from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Morgan Stanley lowered their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Finally, Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $32.59.
Shares of NYSE BAC traded down $0.08 on Monday, hitting $33.18. The company’s stock had a trading volume of 27,776,933 shares, compared to its average volume of 56,181,609. Bank of America Corp has a 12-month low of $22.66 and a 12-month high of $33.60. The company has a market capitalization of $298.46 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.27 and a beta of 1.62. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a 50 day moving average of $30.33 and a 200-day moving average of $29.09.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The company had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts expect that Bank of America Corp will post 2.89 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, December 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
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.
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