First Dallas Securities Inc. acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 68,268 shares of the financial services provider’s stock, valued at approximately $1,645,000. Bank of America comprises about 1.8% of First Dallas Securities Inc.’s portfolio, making the stock its 17th largest position.
Other hedge funds also recently modified their holdings of the company. Atlas Brown Inc. raised its holdings in Bank of America by 11.8% in the 3rd quarter. Atlas Brown Inc. now owns 26,717 shares of the financial services provider’s stock worth $644,000 after acquiring an additional 2,819 shares during the period. Vigilant Capital Management LLC grew its position in shares of Bank of America by 108.0% in the third quarter. Vigilant Capital Management LLC now owns 5,780 shares of the financial services provider’s stock valued at $139,000 after purchasing an additional 3,001 shares during the last quarter. Diversified Trust Co increased its stake in shares of Bank of America by 35.3% in the third quarter. Diversified Trust Co now owns 100,707 shares of the financial services provider’s stock worth $2,426,000 after purchasing an additional 26,259 shares during the period. Ayalon Holdings Ltd. increased its stake in shares of Bank of America by 5.7% in the third quarter. Ayalon Holdings Ltd. now owns 45,134 shares of the financial services provider’s stock worth $1,079,000 after purchasing an additional 2,450 shares during the period. Finally, Coastline Trust Co lifted its position in shares of Bank of America by 8.4% during the 3rd quarter. Coastline Trust Co now owns 76,941 shares of the financial services provider’s stock worth $1,854,000 after purchasing an additional 5,987 shares during the last quarter. 68.19% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently commented on the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. upped their target price on shares of Bank of America from $26.00 to $27.50 and gave the company an “overweight” rating in a research note on Tuesday, October 6th. Oppenheimer restated a “buy” rating on shares of Bank of America in a research report on Tuesday, September 8th. TheStreet raised shares of Bank of America from a “c+” rating to a “b-” rating in a research report on Tuesday, August 25th. Finally, DA Davidson downgraded Bank of America from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $27.00 to $25.00 in a research report on Thursday, July 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $29.31.
Shares of NYSE BAC opened at $24.24 on Friday. Bank of America Co. has a 1-year low of $17.95 and a 1-year high of $35.72. The company has a 50-day moving average of $25.04 and a two-hundred day moving average of $24.25. The company has a market cap of $210.02 billion, a PE ratio of 11.71, a P/E/G ratio of 2.12 and a beta of 1.54. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.02). The company had revenue of $20.30 billion during the quarter, compared to the consensus estimate of $20.88 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 EPS. As a group, equities research analysts forecast that Bank of America Co. will post 1.73 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.97%. The ex-dividend date was Thursday, September 3rd. Bank of America’s dividend payout ratio is 24.49%.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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