Riverview Trust Co reduced its position in Bank of America Co. (NYSE:BAC) by 65.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,630 shares of the financial services provider’s stock after selling 6,863 shares during the period. Riverview Trust Co’s holdings in Bank of America were worth $87,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Lenox Wealth Advisors LLC increased its holdings in Bank of America by 111.9% during the 2nd quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 584 shares in the last quarter. AlphaMark Advisors LLC grew its position in shares of Bank of America by 135.4% in the second quarter. AlphaMark Advisors LLC now owns 1,264 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 727 shares during the last quarter. Crewe Advisors LLC grew its position in shares of Bank of America by 363.3% in the third quarter. Crewe Advisors LLC now owns 1,390 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 1,090 shares during the last quarter. Provident Wealth Management LLC purchased a new position in shares of Bank of America during the 3rd quarter worth approximately $35,000. Finally, Balentine LLC acquired a new position in shares of Bank of America during the 1st quarter worth approximately $63,000. 68.19% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and raised their price target for the stock from $27.00 to $29.00 in a research report on Thursday, September 3rd. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 7th. TheStreet raised shares of Bank of America from a “c+” rating to a “b-” rating in a research note on Tuesday, August 25th. Credit Suisse Group reaffirmed a “buy” rating and set a $31.00 price target on shares of Bank of America in a research note on Monday, August 3rd. Finally, Oppenheimer reiterated a “buy” rating on shares of Bank of America in a report on Tuesday, September 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $29.31.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.02). The business had revenue of $20.30 billion during the quarter, compared to analysts’ expectations of $20.88 billion. Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The company’s quarterly revenue was down 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.75 EPS. Research analysts anticipate that Bank of America Co. will post 1.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Thursday, September 3rd. Bank of America’s dividend payout ratio is presently 24.49%.
In other Bank of America news, major shareholder Berkshire Hathaway Inc purchased 13,584,301 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was purchased at an average cost of $24.81 per share, with a total value of $337,026,507.81. Insiders have purchased a total of 85,092,006 shares of company stock worth $2,070,253,228 in the last 90 days. Company insiders own 0.20% 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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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