JCIC Asset Management Inc. cut its holdings in Bank of America Co. (NYSE:BAC) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,827 shares of the financial services provider’s stock after selling 246 shares during the quarter. JCIC Asset Management Inc.’s holdings in Bank of America were worth $290,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in BAC. Camden National Bank lifted its position in Bank of America by 9.8% in the 4th quarter. Camden National Bank now owns 11,568 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 1,030 shares in the last quarter. Tudor Investment Corp Et Al lifted its holdings in shares of 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 valued at $1,490,000 after buying an additional 28,763 shares during the period. Colony Group LLC lifted its holdings in shares of Bank of America by 32.8% during the 1st quarter. Colony Group LLC now owns 60,278 shares of the financial services provider’s stock valued at $2,332,000 after buying an additional 14,885 shares during the period. Garde Capital Inc. lifted its holdings in shares of Bank of America by 21.9% during the 1st quarter. Garde Capital Inc. now owns 6,401 shares of the financial services provider’s stock valued at $248,000 after buying an additional 1,151 shares during the period. Finally, Sargent Bickham Lagudis LLC lifted its holdings in shares of Bank of America by 2.6% during the 1st quarter. Sargent Bickham Lagudis LLC now owns 27,032 shares of the financial services provider’s stock valued at $1,046,000 after buying an additional 675 shares during the period. 70.67% of the stock is currently owned by institutional investors and hedge funds.
BAC stock traded up $0.13 during trading on Thursday, reaching $47.63. The company’s stock had a trading volume of 40,059,953 shares, compared to its average volume of 48,298,340. Bank of America Co. has a 1 year low of $28.10 and a 1 year high of $48.69. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $389.81 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.53. The company’s fifty day moving average is $45.21 and its 200-day moving average is $42.33.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, December 2nd. Bank of America’s dividend payout ratio (DPR) is presently 25.23%.
In other Bank of America news, insider Dean C. Athanasia sold 108,478 shares of the stock in a transaction dated Friday, October 15th. The shares were sold at an average price of $45.77, for a total transaction of $4,965,038.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank P. Bramble sold 2,200 shares of the stock in a transaction dated Tuesday, November 2nd. The shares were sold at an average price of $48.22, for a total transaction of $106,084.00. The disclosure for this sale can be found here. 0.22% of the stock is owned by corporate insiders.
Several equities analysts have recently weighed in on BAC shares. The Goldman Sachs Group increased their price target on Bank of America from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, October 15th. Wolfe Research cut 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. Robert W. Baird lowered Bank of America from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $47.17 to $42.00 in a research note on Monday, November 1st. They noted that the move was a valuation call. Oppenheimer upped their price objective on Bank of America from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, October 15th. Finally, Jefferies Financial Group upped their price objective on Bank of America from $41.00 to $48.00 and gave the stock a “hold” rating in a research note on Monday, October 11th. Two equities research 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. Based on data from MarketBeat, Bank of America presently has an average rating of “Buy” and a consensus 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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