Golub Group LLC increased its position in shares of Bank of America Corp (NYSE:BAC) by 1.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,167,088 shares of the financial services provider’s stock after purchasing an additional 12,782 shares during the period. Bank of America accounts for 2.9% of Golub Group LLC’s portfolio, making the stock its 17th largest holding. Golub Group LLC’s holdings in Bank of America were worth $34,382,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in BAC. Miracle Mile Advisors LLC increased its holdings in Bank of America by 1.4% in the 3rd quarter. Miracle Mile Advisors LLC now owns 402,134 shares of the financial services provider’s stock valued at $11,847,000 after acquiring an additional 5,742 shares during the last quarter. Schroder Investment Management Group increased its holdings in Bank of America by 1.2% in the 3rd quarter. Schroder Investment Management Group now owns 18,187,536 shares of the financial services provider’s stock valued at $535,804,000 after acquiring an additional 217,088 shares during the last quarter. Dean Capital Investments Management LLC bought a new stake in Bank of America in the 3rd quarter valued at $905,000. Trexquant Investment LP bought a new stake in Bank of America in the 3rd quarter valued at $10,000,000. Finally, CIBC World Markets Inc. grew its stake in shares of Bank of America by 13.7% in the 3rd quarter. CIBC World Markets Inc. now owns 2,581,289 shares of the financial services provider’s stock worth $76,045,000 after buying an additional 310,974 shares in the last quarter. Hedge funds and other institutional investors own 63.75% of the company’s stock.
A number of equities analysts have commented on BAC shares. Wolfe Research started coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. BMO Capital Markets lifted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Finally, ValuEngine cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $34.63.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. During the same period last year, the company posted $0.48 EPS. The business’s revenue was up 3.2% on a year-over-year basis. As a group, research analysts expect that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a $0.15 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.11%. Bank of America’s payout ratio is currently 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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