Bank of America Corp (BAC) Shares Sold by Shell Asset Management Co.

Shell Asset Management Co. lessened its holdings in shares of Bank of America Corp (NYSE:BAC) by 2.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,319,981 shares of the financial services provider’s stock after selling 39,874 shares during the quarter. Bank of America accounts for approximately 0.8% of Shell Asset Management Co.’s holdings, making the stock its 22nd largest holding. Shell Asset Management Co.’s holdings in Bank of America were worth $38,887,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Cardinal Capital Management Inc. acquired a new position in Bank of America during the third quarter valued at approximately $106,000. CSat Investment Advisory L.P. acquired a new position in Bank of America during the second quarter valued at approximately $103,000. Quad Cities Investment Group LLC acquired a new position in Bank of America during the second quarter valued at approximately $112,000. Arlington Partners LLC acquired a new position in Bank of America during the third quarter valued at approximately $118,000. Finally, Stelac Advisory Services LLC raised its position in Bank of America by 50.2% during the third quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock valued at $169,000 after purchasing an additional 1,922 shares in the last quarter. 64.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of Bank of America stock opened at $28.40 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Bank of America Corp has a twelve month low of $25.88 and a twelve month high of $33.05. The firm has a market capitalization of $290.92 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 1.39 and a beta of 1.27.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping 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 company had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Bank of America’s revenue for the quarter was up 3.2% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors 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 annualized dividend and a dividend yield of 2.11%. Bank of America’s dividend payout ratio is 32.79%.

Several research analysts have commented on BAC shares. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday, November 8th. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. Finally, BMO Capital Markets boosted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Tuesday, October 16th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $34.63.

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

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