Corrado Advisors LLC Has $2.43 Million Stake in Bank of America Co. (NYSE:BAC)

Corrado Advisors LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 1.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 57,271 shares of the financial services provider’s stock after purchasing an additional 899 shares during the period. Bank of America comprises approximately 1.5% of Corrado Advisors LLC’s portfolio, making the stock its 22nd largest holding. Corrado Advisors LLC’s holdings in Bank of America were worth $2,431,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Newton One Investments LLC acquired a new position in Bank of America during the 2nd quarter worth about $29,000. PrairieView Partners LLC lifted its holdings in Bank of America by 162.5% during the 3rd 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 acquired a new position in Bank of America during the 2nd quarter worth about $31,000. Mascoma Wealth Management LLC acquired a new position in Bank of America during the 3rd quarter worth about $36,000. Finally, Elmwood Wealth Management Inc. lifted its holdings in 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 worth $35,000 after buying an additional 500 shares during the period. 70.67% of the stock is currently owned by institutional investors.

In related news, Director Frank P. Bramble sold 2,200 shares of the company’s stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total value of $106,084.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Dean C. Athanasia sold 108,478 shares of the company’s stock in a transaction that occurred on Friday, October 15th. The shares were sold at an average price of $45.77, for a total value of $4,965,038.06. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.

BAC traded up $0.31 during midday trading on Wednesday, reaching $47.81. 769,552 shares of the company were exchanged, compared to its average volume of 48,334,852. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.73 and a current ratio of 0.74. The company’s fifty day moving average price is $45.06 and its 200 day moving average price is $42.29. The company has a market cap of $391.28 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 1.86 and a beta of 1.53. Bank of America Co. has a one year low of $27.92 and a one year high of $48.69.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, October 14th. The financial services provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.14. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The firm had revenue of $22.77 billion during the quarter, compared to analyst estimates of $21.60 billion. During the same period in the previous year, the company posted $0.51 EPS. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.49 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.76%. Bank of America’s payout ratio is presently 25.23%.

Several research analysts have commented on the company. Oppenheimer lifted their target price on Bank of America from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, October 15th. Morgan Stanley lifted their price objective on Bank of America from $38.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, July 29th. The Goldman Sachs Group lifted their price objective on Bank of America from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, October 15th. Royal Bank of Canada lifted their price objective on Bank of America from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, October 15th. Finally, Barclays lifted their price objective on Bank of America from $45.00 to $49.00 and gave the stock an “overweight” rating in a research report on Friday, October 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Buy” and an average target price of $44.04.

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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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