Parkside Financial Bank & Trust increased its stake in shares of Bank of America Corp (NYSE:BAC) by 6.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,921 shares of the financial services provider’s stock after acquiring an additional 2,500 shares during the period. Parkside Financial Bank & Trust’s holdings in Bank of America were worth $1,252,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Watch Point Trust Co bought a new position in Bank of America in the third quarter valued at $2,771,000. Madrona Funds LLC bought a new position in shares of Bank of America in the 3rd quarter valued at about $212,000. Brasada Capital Management LP grew its position in shares of Bank of America by 0.8% in the 3rd quarter. Brasada Capital Management LP now owns 62,952 shares of the financial services provider’s stock valued at $1,837,000 after acquiring an additional 479 shares during the period. Arthur M. Cohen & Associates LLC grew its position in shares of Bank of America by 195.7% in the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 51,551 shares of the financial services provider’s stock valued at $758,000 after acquiring an additional 34,115 shares during the period. Finally, Martin Investment Management LLC grew its position in shares of Bank of America by 0.7% in the 3rd quarter. Martin Investment Management LLC now owns 382,171 shares of the financial services provider’s stock valued at $11,148,000 after acquiring an additional 2,686 shares during the period. Institutional investors and hedge funds own 70.75% of the company’s stock.
A number of research analysts have recently commented on the stock. Wells Fargo & Co set a $34.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research report on Tuesday, October 15th. Societe Generale downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 29th. Morgan Stanley reduced their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, October 4th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $33.00 target price (up previously from $30.00) on shares of Bank of America in a report on Monday, November 4th. Finally, Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $32.59.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the 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 business had revenue of $22.96 billion during the quarter, compared to analysts’ expectations of $22.73 billion. During the same quarter in the previous year, the company earned $0.66 EPS. The business’s revenue was up .3% on a year-over-year basis. Sell-side analysts forecast that Bank of America Corp will post 2.89 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.16%. The ex-dividend date is Thursday, December 5th. Bank of America’s dividend payout ratio (DPR) is 27.59%.
In other news, Director Frank P. Bramble sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at approximately $1,566,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The disclosure for this sale can be found here. Insiders sold a total of 51,870 shares of company stock valued at $1,476,104 in the last quarter. Corporate insiders own 0.17% of the company’s stock.
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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