Holderness Investments Co. increased its position in shares of Bank of America Corp (NYSE:BAC) by 10.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 68,412 shares of the financial services provider’s stock after buying an additional 6,618 shares during the period. Bank of America makes up about 0.9% of Holderness Investments Co.’s investment portfolio, making the stock its 25th biggest position. Holderness Investments Co.’s holdings in Bank of America were worth $2,015,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Bartlett & Co. LLC raised its holdings in shares of Bank of America by 35.8% in the 2nd quarter. Bartlett & Co. LLC now owns 6,146 shares of the financial services provider’s stock valued at $173,000 after acquiring an additional 1,621 shares in the last quarter. UMB Bank N A MO raised its holdings in shares of Bank of America by 64.1% in the 2nd quarter. UMB Bank N A MO now owns 584,643 shares of the financial services provider’s stock valued at $16,481,000 after acquiring an additional 228,443 shares in the last quarter. Howe & Rusling Inc. raised its holdings in shares of Bank of America by 96.2% in the 2nd quarter. Howe & Rusling Inc. now owns 354,479 shares of the financial services provider’s stock valued at $9,993,000 after acquiring an additional 173,811 shares in the last quarter. Burleson & Company LLC raised its holdings in shares of Bank of America by 6.3% in the 2nd quarter. Burleson & Company LLC now owns 33,741 shares of the financial services provider’s stock valued at $951,000 after acquiring an additional 2,002 shares in the last quarter. Finally, Bell & Brown Wealth Advisors LLC raised its holdings in shares of Bank of America by 8.7% in the 2nd quarter. Bell & Brown Wealth Advisors LLC now owns 27,348 shares of the financial services provider’s stock valued at $771,000 after acquiring an additional 2,180 shares in the last quarter. 64.39% of the stock is currently owned by hedge funds and other institutional investors.
BAC has been the topic of several recent analyst reports. BMO Capital Markets raised their price target 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. Wolfe Research initiated coverage on Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $34.63.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The company had revenue of $22.78 billion for the quarter, compared to analysts’ expectations of $22.63 billion. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. Bank of America’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS. As a group, equities analysts expect that Bank of America Corp will post 2.55 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be issued 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 dividend yield of 2.10%. Bank of America’s dividend payout ratio is 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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