Eagle Asset Management Inc. lowered its holdings in Bank of America Corporation (NYSE:BAC) by 20.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 307,831 shares of the bank’s stock after selling 80,907 shares during the period. Eagle Asset Management Inc.’s holdings in Bank of America Corporation were worth $7,467,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation in the 2nd quarter valued at about $100,000. Armbruster Capital Management Inc. boosted its holdings in Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the bank’s stock valued at $102,000 after purchasing an additional 423 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the bank’s stock valued at $103,000 after purchasing an additional 450 shares during the period. Tarbox Family Office Inc. raised its position in shares of Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the bank’s stock valued at $117,000 after buying an additional 21 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. raised its position in shares of Bank of America Corporation by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the bank’s stock valued at $140,000 after buying an additional 1,850 shares in the last quarter. 62.34% of the stock is owned by hedge funds and other institutional investors.
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Several brokerages have recently commented on BAC. Vetr cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $26.67 target price for the company. in a research report on Monday, November 6th. J P Morgan Chase & Co boosted their target price on shares of Bank of America Corporation from $27.50 to $28.50 and gave the company an “overweight” rating in a research report on Wednesday, November 1st. BidaskClub upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Citigroup Inc. restated a “neutral” rating and issued a $27.00 target price (up from $25.00) on shares of Bank of America Corporation in a research report on Monday, October 9th. Finally, Zacks Investment Research cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of C$25.82.
Bank of America Corporation (NYSE:BAC) opened at C$26.51 on Friday. The stock has a market cap of $276,515.47, a price-to-earnings ratio of 15.15, a P/E/G ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a 12 month low of C$18.63 and a 12 month high of C$27.98. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.
Bank of America Corporation (NYSE:BAC) last issued its earnings results on Friday, October 13th. The bank reported C$0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.46 by C$0.02. The business had revenue of C$22.08 billion for the quarter, compared to analyst estimates of C$22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. Bank of America Corporation’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. analysts predict that Bank of America Corporation will post 1.8 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is presently 27.43%.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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