Newman Dignan & Sheerar Inc. lessened its holdings in Bank of America Co. (NYSE:BAC) by 1.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 57,574 shares of the financial services provider’s stock after selling 579 shares during the period. Newman Dignan & Sheerar Inc.’s holdings in Bank of America were worth $1,387,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in BAC. APG Asset Management N.V. increased its stake in Bank of America by 6.8% during the 2nd quarter. APG Asset Management N.V. now owns 24,633,716 shares of the financial services provider’s stock valued at $520,902,000 after purchasing an additional 1,574,233 shares in the last quarter. Public Investment Fund acquired a new stake in shares of Bank of America in the first quarter worth $487,569,000. Bessemer Group Inc. increased its stake in shares of Bank of America by 51.6% in the second quarter. Bessemer Group Inc. now owns 21,055,944 shares of the financial services provider’s stock worth $500,078,000 after acquiring an additional 7,164,156 shares during the period. Nordea Investment Management AB increased its stake in shares of Bank of America by 94.2% in the second quarter. Nordea Investment Management AB now owns 14,883,900 shares of the financial services provider’s stock worth $348,432,000 after acquiring an additional 7,218,779 shares during the period. Finally, EdgePoint Investment Group Inc. acquired a new stake in shares of Bank of America in the second quarter worth $350,740,000. 68.19% of the stock is owned by hedge funds and other institutional investors.
In other Bank of America news, major shareholder Berkshire Hathaway Inc purchased 13,584,301 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were purchased at an average cost of $24.81 per share, with a total value of $337,026,507.81. Over the last three months, insiders bought 85,092,006 shares of company stock worth $2,070,253,228. Insiders own 0.20% of the company’s stock.
BAC has been the topic of a number of research reports. Morgan Stanley increased their price objective on shares of Bank of America from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, June 25th. Seaport Global Securities initiated coverage on shares of Bank of America in a research note on Wednesday, July 8th. They issued a “neutral” rating on the stock. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Tuesday, July 7th. Credit Suisse Group reiterated a “buy” rating and issued a $31.00 price objective on shares of Bank of America in a research note on Monday, August 3rd. Finally, ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $29.31.
BAC opened at $24.24 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 1.08. The company has a market cap of $210.02 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 2.12 and a beta of 1.54. Bank of America Co. has a 52-week low of $17.95 and a 52-week high of $35.72. The firm’s fifty day simple moving average is $25.04 and its two-hundred day simple moving average is $24.25.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share 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 return on equity of 9.11% and a net margin of 19.09%. The business’s quarterly revenue was down 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. On average, research analysts forecast that Bank of America Co. will post 1.73 EPS for the current year.
The firm also recently declared 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 annualized dividend 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 currently 24.49%.
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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