Rothschild Investment Corp IL lowered its stake in shares of Bank of America Corp (NYSE:BAC) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 248,473 shares of the financial services provider’s stock after selling 2,161 shares during the period. Rothschild Investment Corp IL’s holdings in Bank of America were worth $7,248,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the business. Successful Portfolios LLC purchased a new stake in shares of Bank of America during the third quarter worth $220,000. KG&L Capital Management LLC lifted its position in shares of Bank of America by 6.9% during the third quarter. KG&L Capital Management LLC now owns 62,980 shares of the financial services provider’s stock worth $1,837,000 after acquiring an additional 4,070 shares in the last quarter. Foster Victor Wealth Advisors LLC purchased a new stake in shares of Bank of America during the third quarter worth $273,000. Welch & Forbes LLC lifted its position in shares of Bank of America by 3.5% during the third quarter. Welch & Forbes LLC now owns 859,205 shares of the financial services provider’s stock worth $25,063,000 after acquiring an additional 28,720 shares in the last quarter. Finally, Murphy Capital Management Inc. lifted its position in shares of Bank of America by 7.2% during the third quarter. Murphy Capital Management Inc. now owns 114,137 shares of the financial services provider’s stock worth $3,329,000 after acquiring an additional 7,655 shares in the last quarter. Hedge funds and other institutional investors own 68.48% of the company’s stock.
Several research firms have issued reports on BAC. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. dropped their target price on Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday. Raymond James downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Finally, Morgan Stanley dropped their target price on Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $32.32.
Shares of Bank of America stock traded up $0.46 during trading on Friday, hitting $28.91. The stock had a trading volume of 70,029,208 shares, compared to its average volume of 57,443,616. The firm has a market cap of $271.38 billion, a price-to-earnings ratio of 11.08, a P/E/G ratio of 1.13 and a beta of 1.60. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.17. The business’s 50-day moving average is $28.40 and its 200 day moving average is $28.71. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 earnings per share. As a group, equities analysts expect that Bank of America Corp will post 2.82 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.18 dividend. The ex-dividend date was Thursday, September 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.49%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is presently 27.59%.
Bank of America declared that its board has approved a share buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, major shareholder Of America Corp /De/ Bank purchased 5,370 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were purchased at an average price of $11.83 per share, with a total value of $63,527.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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