Old West Investment Management LLC Sells 52,695 Shares of Bank of America Corp (BAC)

Old West Investment Management LLC lessened its position in shares of Bank of America Corp (NYSE:BAC) by 42.2% during the third quarter, Holdings Channel reports. The institutional investor owned 72,177 shares of the financial services provider’s stock after selling 52,695 shares during the quarter. Old West Investment Management LLC’s holdings in Bank of America were worth $1,828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in Bank of America during the 2nd quarter worth about $1,017,000. Burt Wealth Advisors lifted its holdings in Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares in the last quarter. HWG Holdings LP purchased a new stake in Bank of America during the 3rd quarter worth about $116,000. MPS Loria Financial Planners LLC purchased a new stake in Bank of America during the 2nd quarter worth about $115,000. Finally, Legacy Advisors LLC purchased a new stake in Bank of America during the 3rd quarter worth about $115,000. 69.34% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Corp (NYSE:BAC) opened at $31.20 on Wednesday. The firm has a market capitalization of $311,293.69, a PE ratio of 20.13, a price-to-earnings-growth ratio of 1.54 and a beta of 1.41. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. Bank of America Corp has a one year low of $22.07 and a one year high of $32.67.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.40 EPS. equities analysts predict that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. Bank of America’s dividend payout ratio is currently 30.97%.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

A number of analysts recently issued reports on the company. Morgan Stanley increased their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price objective on the stock. in a report on Friday, January 19th. Royal Bank of Canada increased their price objective on Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Finally, BMO Capital Markets increased their price objective on Bank of America to $34.00 and gave the stock an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. Bank of America presently has a consensus rating of “Buy” and an average target price of $30.17.

TRADEMARK VIOLATION NOTICE: “Old West Investment Management LLC Sells 52,695 Shares of Bank of America Corp (BAC)” was originally posted by Community Financial News and is the property of of Community Financial News. If you are reading this report on another website, it was copied illegally and republished in violation of U.S. & international copyright & trademark legislation. The legal version of this report can be read at https://www.com-unik.info/2018/02/07/old-west-investment-management-llc-sells-52695-shares-of-bank-of-america-corp-bac.html.

About Bank of America

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit