Atlas Brown Inc. increased its stake in Bank of America Co. (NYSE:BAC) by 11.8% during the third quarter, HoldingsChannel.com reports. The fund owned 26,717 shares of the financial services provider’s stock after buying an additional 2,819 shares during the period. Atlas Brown Inc.’s holdings in Bank of America were worth $644,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of BAC. Public Investment Fund acquired a new position in shares of Bank of America in the 1st quarter worth $487,569,000. EdgePoint Investment Group Inc. purchased a new position in shares of Bank of America during the second quarter valued at $350,740,000. Nordea Investment Management AB grew its holdings in shares of Bank of America by 94.2% during the second quarter. Nordea Investment Management AB now owns 14,883,900 shares of the financial services provider’s stock valued at $348,432,000 after buying an additional 7,218,779 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Bank of America by 51.6% during the second quarter. Bessemer Group Inc. now owns 21,055,944 shares of the financial services provider’s stock valued at $500,078,000 after buying an additional 7,164,156 shares in the last quarter. Finally, Capital International Investors purchased a new position in shares of Bank of America during the first quarter valued at $83,381,000. Institutional investors and hedge funds own 68.19% of the company’s stock.
In other Bank of America news, major shareholder Berkshire Hathaway Inc acquired 16,424,366 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was acquired at an average price of $24.22 per share, with a total value of $397,798,144.52. Insiders have purchased a total of 85,092,006 shares of company stock valued at $2,070,253,228 in the last three months. 0.20% of the stock is owned by insiders.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.02). Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The company had revenue of $20.30 billion during the quarter, compared to analyst estimates of $20.88 billion. During the same period in the prior year, the firm earned $0.75 EPS. Bank of America’s quarterly revenue was down 11.6% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 1.73 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 4th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, September 3rd. This represents a $0.72 annualized dividend and a dividend yield of 2.97%. Bank of America’s dividend payout ratio is presently 24.49%.
A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Bank of America from $26.00 to $27.50 and gave the company an “overweight” rating in a report on Tuesday, October 6th. Wells Fargo & Company downgraded Bank of America to a “sell” rating in a report on Friday, July 10th. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Societe Generale upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Tuesday, July 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bank of America from a “hold” rating to a “buy” rating and boosted their target price for the company from $27.00 to $29.00 in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $29.31.
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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