Golub Group LLC Raises Position in Bank of America Corp (NYSE:BAC)

Golub Group LLC grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 0.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 673,847 shares of the financial services provider’s stock after purchasing an additional 1,633 shares during the period. Golub Group LLC’s holdings in Bank of America were worth $19,656,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BAC. Garrett Wealth Advisory Group LLC acquired a new position in shares of Bank of America in the 3rd quarter valued at $25,000. Larson Financial Group LLC increased its position in shares of Bank of America by 195.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 880 shares during the period. Salomon & Ludwin LLC increased its position in shares of Bank of America by 120.6% in the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 814 shares during the period. Selective Wealth Management Inc. acquired a new position in shares of Bank of America in the 3rd quarter valued at $43,000. Finally, WealthStone Inc. acquired a new position in shares of Bank of America in the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 70.75% of the company’s stock.

BAC traded up $0.03 during midday trading on Friday, hitting $33.26. 38,313,549 shares of the company were exchanged, compared to its average volume of 56,181,609. The company’s 50 day simple moving average is $30.19 and its 200 day simple moving average is $29.06. The firm has a market capitalization of $299.18 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 1.27 and a beta of 1.62. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $33.60.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.07. The company had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm earned $0.66 EPS. On average, equities analysts anticipate that Bank of America Corp will post 2.89 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.16%. The ex-dividend date is Thursday, December 5th. Bank of America’s dividend payout ratio is currently 27.59%.

In other news, insider Kathleen A. Knox sold 40,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the sale, the insider now directly owns 43,744 shares of the company’s stock, valued at approximately $1,322,381.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank P. Bramble sold 6,500 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the sale, the director now directly owns 50,000 shares in the company, valued at $1,566,500. The disclosure for this sale can be found here. Insiders have sold a total of 51,870 shares of company stock worth $1,476,104 over the last ninety days. 0.17% of the stock is owned by insiders.

Several equities analysts recently issued reports on BAC shares. Societe Generale downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Morgan Stanley cut their target price on Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Keefe, Bruyette & Woods downgraded Bank of America from an “outperform” rating to a “market perform” rating and cut their target price for the company from $36.00 to $29.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $33.00 target price (up from $30.00) on shares of Bank of America in a research report on Monday, November 4th. Finally, Raymond James downgraded Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $32.59.

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

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