Pinnacle Associates Ltd. trimmed its stake in shares of Bank of America Corp (NYSE:BAC) by 2.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 670,735 shares of the financial services provider’s stock after selling 13,542 shares during the period. Pinnacle Associates Ltd.’s holdings in Bank of America were worth $19,760,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Atlantic Trust LLC raised its holdings in shares of Bank of America by 18.3% during the second quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock worth $398,000 after acquiring an additional 2,180 shares during the period. Oarsman Capital Inc. increased its stake in Bank of America by 3.7% in the 2nd quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock valued at $2,019,000 after buying an additional 2,540 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its stake in Bank of America by 20.5% in the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 576,534 shares of the financial services provider’s stock valued at $17,170,000 after buying an additional 97,989 shares during the last quarter. Fulton Bank N.A. increased its stake in Bank of America by 11.1% in the 3rd quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock valued at $4,522,000 after buying an additional 15,306 shares during the last quarter. Finally, Stillwater Capital Advisors LLC increased its stake in Bank of America by 1.4% in the 3rd quarter. Stillwater Capital Advisors LLC now owns 378,714 shares of the financial services provider’s stock valued at $11,157,000 after buying an additional 5,354 shares during the last quarter. Institutional investors and hedge funds own 63.75% of the company’s stock.
Several equities research analysts have issued reports on BAC shares. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Wolfe Research started coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, BMO Capital Markets lifted their price target on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $34.63.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. During the same period in the previous year, the business earned $0.48 EPS. The company’s revenue was up 3.2% compared to the same quarter last year. Research analysts expect that Bank of America Corp will post 2.55 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.11%. Bank of America’s dividend payout ratio is presently 32.79%.
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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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