Baxter Bros Inc. decreased its position in Bank of America Corp (NYSE:BAC) by 4.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 63,105 shares of the financial services provider’s stock after selling 2,609 shares during the quarter. Baxter Bros Inc.’s holdings in Bank of America were worth $1,841,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of BAC. Daily Journal Corp grew its holdings in Bank of America by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock worth $66,700,000 after acquiring an additional 227,700,000 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Bank of America by 1,905.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after purchasing an additional 57,060,331 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Bank of America by 35.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after purchasing an additional 19,688,816 shares during the last quarter. Great West Life Assurance Co. Can acquired a new stake in shares of Bank of America in the 2nd quarter valued at approximately $239,996,000. Finally, APG Asset Management N.V. raised its position in shares of Bank of America by 15.4% in the 2nd quarter. APG Asset Management N.V. now owns 27,064,355 shares of the financial services provider’s stock valued at $689,205,000 after acquiring an additional 3,609,300 shares during the period. 68.48% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Kathleen A. Knox sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the completion of the transaction, the insider now directly owns 43,744 shares of the company’s stock, valued at approximately $1,322,381.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was 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. 0.17% of the stock is owned by company insiders.
Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. The company had revenue of $22.96 billion during the quarter, compared to analysts’ expectations of $22.73 billion. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business earned $0.66 EPS. On average, analysts anticipate that Bank of America Corp will post 2.87 earnings per share for the current year.
Bank of America declared that its board has authorized a stock repurchase plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.18 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.
A number of analysts recently weighed in on BAC shares. Morgan Stanley cut their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.39.
Bank of America 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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