Hoylecohen LLC decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 5.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,522 shares of the financial services provider’s stock after selling 6,753 shares during the quarter. Hoylecohen LLC’s holdings in Bank of America were worth $3,580,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Janus Henderson Group PLC increased its holdings in shares of Bank of America by 74.9% in the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after acquiring an additional 11,842,467 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Bank of America by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after acquiring an additional 8,925,474 shares during the last quarter. Natixis increased its holdings in shares of Bank of America by 256.8% in the 2nd quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock valued at $242,851,000 after acquiring an additional 6,200,655 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Bank of America by 183.4% in the 3rd quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock valued at $55,160,000 after acquiring an additional 4,117,908 shares during the last quarter. Finally, Royal London Asset Management Ltd. purchased a new position in shares of Bank of America in the 2nd quarter valued at about $111,692,000. Institutional investors own 63.75% of the company’s stock.
A number of research analysts have recently commented on BAC shares. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. BMO Capital Markets increased their price objective on Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a report on Tuesday, October 16th. Finally, Wolfe Research started coverage on Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $34.63.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.48 EPS. On average, research analysts expect that Bank of America Corp will post 2.55 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors 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 dividend on an annualized basis and a yield of 2.11%. Bank of America’s dividend payout ratio is presently 32.79%.
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About Bank of America
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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