Landsberg Bennett & Dubbaneh LLC lessened its holdings in Bank of America Corp (NYSE:BAC) by 1.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,645 shares of the financial services provider’s stock after selling 1,063 shares during the period. Landsberg Bennett & Dubbaneh LLC’s holdings in Bank of America were worth $1,574,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of BAC. Larson Financial Group LLC raised its holdings 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 worth $39,000 after acquiring an additional 880 shares during the last quarter. Salomon & Ludwin LLC raised its holdings 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 worth $43,000 after acquiring an additional 814 shares during the last quarter. WealthStone Inc. acquired a new stake in shares of Bank of America in the 2nd quarter worth about $49,000. Ellevest Inc. acquired a new stake in shares of Bank of America in the 2nd quarter worth about $60,000. Finally, Intercontinental Wealth Advisors LLC raised its holdings in shares of Bank of America by 39.2% in the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 68.48% of the company’s stock.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.
A number of research firms recently weighed in on BAC. Morgan Stanley lowered their target price on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, July 10th. BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a report on Monday, June 17th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Berenberg Bank set a $30.00 target price on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. Bank of America has a consensus rating of “Hold” and an average target price of $32.32.
NYSE:BAC traded up $0.46 on Friday, hitting $28.91. The stock had a trading volume of 70,029,208 shares, compared to its average volume of 57,443,616. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market cap of $271.38 billion, a P/E ratio of 11.08, a price-to-earnings-growth ratio of 1.13 and a beta of 1.60. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.17. The firm’s fifty day simple moving average is $28.40 and its two-hundred day simple moving average is $28.71.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. Equities research analysts predict that Bank of America Corp will post 2.82 EPS for the current year.
Bank of America declared that its board has authorized a share buyback plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.18 dividend. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.49%. Bank of America’s dividend payout ratio (DPR) is 27.59%.
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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