Harbour Capital Advisors LLC lifted its position in Bank of America Co. (NYSE:BAC) by 1.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,732 shares of the financial services provider’s stock after buying an additional 1,530 shares during the quarter. Harbour Capital Advisors LLC’s holdings in Bank of America were worth $3,852,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the business. Camden National Bank boosted its position in Bank of America by 9.8% during the fourth quarter. Camden National Bank now owns 11,568 shares of the financial services provider’s stock worth $351,000 after purchasing an additional 1,030 shares during the period. Tudor Investment Corp Et Al increased its stake in Bank of America by 294.9% during the 1st quarter. Tudor Investment Corp Et Al now owns 38,518 shares of the financial services provider’s stock worth $1,490,000 after acquiring an additional 28,763 shares during the period. MONECO Advisors LLC raised its stake in Bank of America by 15.5% in the first quarter. MONECO Advisors LLC now owns 10,414 shares of the financial services provider’s stock valued at $403,000 after purchasing an additional 1,401 shares in the last quarter. TownSquare Capital LLC lifted its position in Bank of America by 8.3% during the first quarter. TownSquare Capital LLC now owns 115,306 shares of the financial services provider’s stock worth $4,461,000 after purchasing an additional 8,848 shares during the period. Finally, Gladstone Institutional Advisory LLC grew its stake in Bank of America by 184.4% during the first quarter. Gladstone Institutional Advisory LLC now owns 63,990 shares of the financial services provider’s stock worth $2,476,000 after buying an additional 41,489 shares in the last quarter. Hedge funds and other institutional investors own 70.67% of the company’s stock.
A number of equities analysts have issued reports on the company. Jefferies Financial Group upped their target price 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 lowered Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price target on the stock. in a research report on Wednesday, October 13th. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price target on the stock in a research report on Monday, September 13th. Evercore ISI upped their target price on Bank of America from $43.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, October 15th. They noted that the move was a valuation call. Finally, Robert W. Baird lowered Bank of America from a “neutral” rating to an “underperform” rating and cut their target price for the company from $47.17 to $42.00 in a research report on Monday, November 1st. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $44.04.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.14. The company had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $21.60 billion. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 earnings per share. Research analysts predict that Bank of America Co. will post 3.49 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Friday, December 3rd will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Thursday, December 2nd. Bank of America’s dividend payout ratio (DPR) is presently 25.23%.
In other Bank of America news, Director Frank P. Bramble sold 2,200 shares of the firm’s stock in a transaction on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total transaction of $106,084.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Dean C. Athanasia sold 108,478 shares of Bank of America stock in a transaction 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 currently owned by corporate insiders.
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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