CRA Financial Services LLC decreased its stake in Bank of America Co. (NYSE:BAC) by 14.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,036 shares of the financial services provider’s stock after selling 6,079 shares during the period. CRA Financial Services LLC’s holdings in Bank of America were worth $844,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Ninety One North America Inc. grew its stake in Bank of America by 0.5% during the second quarter. Ninety One North America Inc. now owns 75,114 shares of the financial services provider’s stock worth $2,646,000 after purchasing an additional 387 shares during the period. Pegasus Asset Management Inc. grew its stake in Bank of America by 0.5% during the third quarter. Pegasus Asset Management Inc. now owns 87,934 shares of the financial services provider’s stock worth $2,118,000 after purchasing an additional 401 shares during the period. Truewealth LLC grew its stake in Bank of America by 1.4% during the second quarter. Truewealth LLC now owns 29,756 shares of the financial services provider’s stock worth $707,000 after purchasing an additional 412 shares during the period. Cypress Wealth Services LLC grew its stake in Bank of America by 2.7% during the second quarter. Cypress Wealth Services LLC now owns 17,077 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 449 shares during the period. Finally, Intersect Capital LLC grew its stake in Bank of America by 1.2% during the second quarter. Intersect Capital LLC now owns 37,679 shares of the financial services provider’s stock worth $895,000 after purchasing an additional 450 shares during the period. 68.19% of the stock is owned by institutional investors.
Shares of Bank of America stock opened at $24.24 on Friday. The business’s fifty day simple moving average is $25.04 and its 200 day simple moving average is $24.25. The firm has a market capitalization of $210.02 billion, a P/E ratio of 11.71, a price-to-earnings-growth ratio of 2.12 and a beta of 1.54. Bank of America Co. has a 12 month low of $17.95 and a 12 month high of $35.72. 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 issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.02). The business had revenue of $20.30 billion for 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 was down 11.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 earnings per share. Analysts predict that Bank of America Co. will post 1.73 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date was Thursday, September 3rd. Bank of America’s dividend payout ratio is currently 24.49%.
In other news, major shareholder Berkshire Hathaway Inc bought 13,584,301 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was acquired at an average cost of $24.81 per share, with a total value of $337,026,507.81. Insiders acquired 85,092,006 shares of company stock valued at $2,070,253,228 over the last three months. Company insiders own 0.20% of the company’s stock.
Several equities research analysts recently commented on the company. TheStreet raised Bank of America from a “c+” rating to a “b-” rating in a research note on Tuesday, August 25th. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. increased their price target on Bank of America from $26.00 to $27.50 and gave the stock an “overweight” rating in a report on Tuesday, October 6th. Wells Fargo & Company lowered Bank of America to a “sell” rating in a report on Friday, July 10th. Finally, Royal Bank of Canada set a $28.00 price target on Bank of America and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $29.31.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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