Bridgeway Capital Management Inc. decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 0.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,108,348 shares of the financial services provider’s stock after selling 10,000 shares during the period. Bank of America accounts for about 1.2% of Bridgeway Capital Management Inc.’s portfolio, making the stock its 4th largest holding. Bridgeway Capital Management Inc.’s holdings in Bank of America were worth $121,032,000 as of its most recent filing with the SEC.
Other 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 during the 2nd quarter worth about $103,000. Cardinal Capital Management Inc. bought a new stake in shares of Bank of America during the 3rd quarter worth about $106,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America during the 2nd quarter worth about $112,000. Arlington Partners LLC bought a new stake in shares of Bank of America during the 3rd quarter worth about $118,000. Finally, Stelac Advisory Services LLC boosted its holdings in shares of Bank of America by 50.2% during the 3rd quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock worth $169,000 after buying an additional 1,922 shares during the period. 64.39% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on BAC. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Wolfe Research began coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. 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 note on Tuesday, October 16th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Bank of America has a consensus rating of “Buy” and a consensus target price of $34.63.
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 for the quarter, topping the consensus estimate 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 business had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same quarter in the previous year, the company earned $0.48 EPS. The business’s revenue was up 3.2% on a year-over-year basis. As a group, equities research analysts expect that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s 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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