QV Investors Inc. lowered its position in Bank of America Co. (NYSE:BAC) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 831,095 shares of the financial services provider’s stock after selling 41,080 shares during the period. Bank of America comprises approximately 1.4% of QV Investors Inc.’s holdings, making the stock its 25th largest position. QV Investors Inc.’s holdings in Bank of America were worth $20,021,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Public Employees Retirement Association of Colorado raised its position in shares of Bank of America by 2.1% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 1,619,446 shares of the financial services provider’s stock valued at $34,381,000 after buying an additional 32,773 shares in the last quarter. Driehaus Capital Management LLC raised its stake in shares of Bank of America by 44.5% in the 1st quarter. Driehaus Capital Management LLC now owns 12,288 shares of the financial services provider’s stock valued at $261,000 after acquiring an additional 3,787 shares during the period. Cipher Capital LP purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $504,000. Atom Investors LP purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $347,000. Finally, Two Sigma Advisers LP purchased a new stake in shares of Bank of America in the 1st quarter valued at approximately $54,695,000. 68.19% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. DA Davidson downgraded shares of Bank of America from a “buy” rating to a “neutral” rating and reduced their price target for the company from $27.00 to $25.00 in a research note on Thursday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $26.00 to $27.50 and gave the company an “overweight” rating in a research note on Tuesday, October 6th. Royal Bank of Canada set a $28.00 price target on shares of Bank of America and gave the company a “buy” rating in a research note on Wednesday. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a research note on Tuesday, September 8th. Finally, ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company. Bank of America currently has an average rating of “Buy” and an average target price of $29.31.
Shares of Bank of America stock opened at $24.24 on Friday. The company has a fifty day simple moving average of $25.04 and a 200-day simple moving average of $24.25. Bank of America Co. has a 12-month low of $17.95 and a 12-month high of $35.72. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08. The stock has a market cap of $210.02 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 2.12 and a beta of 1.54.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.02). Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The company had revenue of $20.30 billion during the quarter, compared to analyst estimates of $20.88 billion. During the same quarter in the previous year, the company posted $0.75 EPS. The company’s quarterly revenue was down 11.6% on a year-over-year basis. On average, analysts forecast that Bank of America Co. will post 1.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a $0.18 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $0.72 annualized dividend and a yield of 2.97%. Bank of America’s dividend payout ratio (DPR) is 24.49%.
In other Bank of America news, major shareholder Berkshire Hathaway Inc purchased 16,424,366 shares of Bank of America stock in a transaction that occurred on Monday, July 27th. The stock was purchased at an average price of $24.22 per share, for a total transaction of $397,798,144.52. In the last quarter, insiders purchased 85,092,006 shares of company stock valued at $2,070,253,228. 0.20% of the stock is owned by insiders.
About Bank of America
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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