Front Barnett Associates LLC grew its position in Bank of America Corp (NYSE:BAC) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 446,316 shares of the financial services provider’s stock after purchasing an additional 4,606 shares during the quarter. Bank of America makes up about 2.2% of Front Barnett Associates LLC’s portfolio, making the stock its 16th largest position. Front Barnett Associates LLC’s holdings in Bank of America were worth $13,019,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of BAC. Garrett Wealth Advisory Group LLC acquired a new position in shares of Bank of America during the 3rd quarter valued at $25,000. Larson Financial Group LLC lifted its position in shares of Bank of America by 195.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 880 shares during the period. Salomon & Ludwin LLC lifted its position in shares of Bank of America by 120.6% during the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 814 shares during the period. Selective Wealth Management Inc. acquired a new position in shares of Bank of America during the 3rd quarter valued at $43,000. Finally, WealthStone Inc. acquired a new position in shares of Bank of America during the 2nd quarter valued at $49,000. 70.75% of the stock is currently owned by institutional investors.
In other news, insider Kathleen A. Knox sold 40,000 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total value of $1,209,200.00. Following the completion of the sale, the insider now owns 43,744 shares in the company, valued at approximately $1,322,381.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Frank P. Bramble sold 6,500 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,566,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,870 shares of company stock valued at $1,476,104. Company insiders own 0.17% of the company’s stock.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. During the same quarter in the prior year, the company posted $0.66 earnings per share. The business’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Corp will post 2.89 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.16%. Bank of America’s payout ratio is 27.59%.
A number of research firms recently issued reports on BAC. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Odeon Capital Group upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Monday, October 28th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Finally, Atlantic Securities upgraded shares of Bank of America from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $32.59.
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.
Further Reading: Average Daily Trade Volume – ADTV
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