Winthrop Advisory Group LLC Grows Position in Bank of America Co. (NYSE:BAC)

Winthrop Advisory Group LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,712 shares of the financial services provider’s stock after purchasing an additional 429 shares during the quarter. Winthrop Advisory Group LLC’s holdings in Bank of America were worth $1,091,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in BAC. Price T Rowe Associates Inc. MD increased its position in shares of Bank of America by 30.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 163,776,311 shares of the financial services provider’s stock valued at $6,752,497,000 after purchasing an additional 38,319,182 shares during the last quarter. Amundi purchased a new stake in Bank of America in the 2nd quarter worth about $604,014,000. Invesco Ltd. increased its holdings in Bank of America by 20.9% in the 2nd quarter. Invesco Ltd. now owns 62,419,894 shares of the financial services provider’s stock worth $2,573,572,000 after acquiring an additional 10,783,612 shares during the last quarter. Border to Coast Pensions Partnership Ltd purchased a new stake in Bank of America in the 2nd quarter worth about $157,794,851,000. Finally, Capital International Investors increased its holdings in Bank of America by 20.9% in the 2nd quarter. Capital International Investors now owns 30,497,713 shares of the financial services provider’s stock worth $1,257,411,000 after acquiring an additional 5,263,495 shares during the last quarter. 70.67% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts recently weighed in on the company. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price objective for the company in a report on Monday, September 13th. Evercore ISI raised their target price on Bank of America from $43.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, October 15th. They noted that the move was a valuation call. Wolfe Research downgraded Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 target price for the company. in a research note on Wednesday, October 13th. Wells Fargo & Company restated an “overweight” rating and issued a $60.00 target price (up previously from $55.00) on shares of Bank of America in a research note on Monday, October 25th. Finally, The Goldman Sachs Group raised their target price on Bank of America from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, October 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $44.04.

Bank of America stock traded up $0.13 during trading hours on Thursday, reaching $47.63. The company had a trading volume of 40,059,953 shares, compared to its average volume of 48,298,340. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.74 and a quick ratio of 0.73. The company has a 50-day moving average price of $45.21 and a 200 day moving average price of $42.33. The firm has a market cap of $389.81 billion, a price-to-earnings ratio of 14.30, a P/E/G ratio of 1.86 and a beta of 1.53. Bank of America Co. has a 12-month low of $28.10 and a 12-month high of $48.69.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.14. The business had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $21.60 billion. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.51 EPS. As a group, research analysts expect that Bank of America Co. will post 3.49 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be paid a $0.21 dividend. The ex-dividend date is Thursday, December 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 1.76%. Bank of America’s dividend payout ratio (DPR) is currently 25.23%.

In related news, Director Frank P. Bramble sold 2,200 shares of Bank of America stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total transaction of $106,084.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Dean C. Athanasia sold 108,478 shares of the business’s stock in a transaction on Friday, October 15th. The stock was sold at an average price of $45.77, for a total value of $4,965,038.06. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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