ARGA Investment Management LP acquired a new stake in shares of Bank of America Corp (NYSE:BAC) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 41,400 shares of the financial services provider’s stock, valued at approximately $1,220,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America in the 2nd quarter valued at about $103,000. Cardinal Capital Management Inc. bought a new stake in shares of Bank of America in the 3rd quarter valued at about $106,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $112,000. Arlington Partners LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at about $118,000. Finally, Whitnell & Co. bought a new stake in shares of Bank of America in the 2nd quarter valued at about $134,000. Institutional investors own 65.12% of the company’s stock.
Several equities research analysts have recently commented on BAC shares. Wolfe Research started coverage on shares of Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Finally, BMO Capital Markets lifted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $34.63.
Shares of Bank of America stock opened at $27.89 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Bank of America Corp has a 52-week low of $25.81 and a 52-week high of $33.05. The company has a market capitalization of $285.70 billion, a PE ratio of 15.24, a PEG ratio of 1.37 and a beta of 1.31.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. During the same quarter in the previous year, the firm earned $0.48 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities research analysts expect that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.
Bank of America Company Profile
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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