Intellectus Partners LLC lessened its position in Bank of America Co. (NYSE:BAC) by 5.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,133 shares of the financial services provider’s stock after selling 1,205 shares during the period. Intellectus Partners LLC’s holdings in Bank of America were worth $830,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Robbins Farley LLC acquired a new position in Bank of America during the 1st quarter valued at about $25,000. Newton One Investments LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $29,000. Cowen Prime Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $31,000. Elmwood Wealth Management Inc. boosted its position in shares of Bank of America by 138.9% during the 2nd quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Finally, Financial Insights Inc. bought a new position in shares of Bank of America during the 2nd quarter valued at about $38,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
BAC has been the subject of several research reports. Keefe, Bruyette & Woods started coverage on shares of Bank of America in a research report on Wednesday, July 7th. They set a “market perform” rating and a $43.87 price objective for the company. Morgan Stanley raised their target price on shares of Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a report on Thursday, July 29th. Credit Suisse Group raised their target price on shares of Bank of America from $46.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, July 16th. Odeon Capital Group upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $46.50 target price for the company in a report on Monday, September 13th. Finally, Royal Bank of Canada set a $37.69 target price on shares of Bank of America and gave the stock a “buy” rating in a report on Wednesday, July 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Buy” and an average target price of $41.25.
Shares of NYSE BAC traded up $0.90 during trading hours on Thursday, hitting $44.04. The company had a trading volume of 1,796,746 shares, compared to its average volume of 49,374,215. The stock has a market capitalization of $370.59 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 1.72 and a beta of 1.55. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.08. Bank of America Co. has a 1-year low of $23.12 and a 1-year high of $44.87. The firm’s 50 day moving average is $41.61 and its 200-day moving average is $40.80.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, October 14th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.70 by $0.15. The company had revenue of $22.77 billion during the quarter, compared to the consensus estimate of $21.60 billion. Bank of America had a return on equity of 11.08% and a net margin of 30.82%. The firm’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 EPS. On average, sell-side analysts predict that Bank of America Co. will post 3.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 24th. Investors of record on Friday, September 3rd were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Thursday, September 2nd. This is a boost from Bank of America’s previous quarterly dividend of $0.18. Bank of America’s dividend payout ratio is 44.92%.
Bank of America Profile
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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