Bay Rivers Group decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 6.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,921 shares of the financial services provider’s stock after selling 345 shares during the period. Bay Rivers Group’s holdings in Bank of America were worth $209,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Newton One Investments LLC purchased a new stake in Bank of America during the second quarter valued at about $29,000. PrairieView Partners LLC increased its holdings in shares of Bank of America by 162.5% in the third quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock worth $31,000 after buying an additional 450 shares during the period. Cowen Prime Advisors LLC purchased a new position in shares of Bank of America in the second quarter worth about $31,000. Mascoma Wealth Management LLC purchased a new position in shares of Bank of America in the third quarter worth about $36,000. Finally, Elmwood Wealth Management Inc. increased its holdings in shares of Bank of America by 138.9% in the second quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock worth $35,000 after buying an additional 500 shares during the period. 70.67% of the stock is owned by institutional investors.
Several research firms have recently commented on BAC. Jefferies Financial Group lifted their price objective on Bank of America from $41.00 to $48.00 and gave the stock a “hold” rating in a report on Monday, October 11th. Wolfe Research downgraded Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price target on the stock. in a report on Wednesday, October 13th. Evercore ISI boosted their price target on Bank of America from $43.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, October 15th. They noted that the move was a valuation call. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price objective on the stock in a research report on Monday, September 13th. Finally, Oppenheimer lifted their price objective on Bank of America from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, October 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $44.04.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.14. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The firm had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $21.60 billion. During the same period last year, the firm earned $0.51 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.49 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be paid a $0.21 dividend. The ex-dividend date is Thursday, December 2nd. This represents a $0.84 annualized dividend and a yield of 1.77%. Bank of America’s dividend payout ratio (DPR) is 25.23%.
In other Bank of America news, Director Frank P. Bramble sold 2,200 shares of Bank of America stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $48.22, for a total value of $106,084.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dean C. Athanasia sold 108,478 shares of the business’s stock in a transaction dated Friday, October 15th. The stock was sold at an average price of $45.77, for a total transaction of $4,965,038.06. The disclosure for this sale can be found here. 0.22% of the stock is owned by company insiders.
Bank of America Company 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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