Fishman Jay A Ltd. MI lessened its holdings in Bank of America Corp (NYSE:BAC) by 6.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 166,873 shares of the financial services provider’s stock after selling 12,400 shares during the period. Bank of America comprises 0.9% of Fishman Jay A Ltd. MI’s holdings, making the stock its 25th biggest position. Fishman Jay A Ltd. MI’s holdings in Bank of America were worth $4,868,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Watch Point Trust Co acquired a new stake in Bank of America during the 3rd quarter worth approximately $2,771,000. Madrona Funds LLC acquired a new stake in shares of Bank of America during the third quarter worth approximately $212,000. Brasada Capital Management LP grew its position in shares of Bank of America by 0.8% during the third quarter. Brasada Capital Management LP now owns 62,952 shares of the financial services provider’s stock worth $1,837,000 after buying an additional 479 shares in the last quarter. Arthur M. Cohen & Associates LLC grew its position in shares of Bank of America by 195.7% during the third quarter. Arthur M. Cohen & Associates LLC now owns 51,551 shares of the financial services provider’s stock worth $758,000 after buying an additional 34,115 shares in the last quarter. Finally, Martin Investment Management LLC grew its position in shares of Bank of America by 0.7% during the third quarter. Martin Investment Management LLC now owns 382,171 shares of the financial services provider’s stock worth $11,148,000 after buying an additional 2,686 shares in the last quarter. 70.75% of the stock is owned by hedge funds and other institutional investors.
BAC traded up $0.03 during trading hours on Friday, hitting $33.26. 38,313,549 shares of the stock were exchanged, compared to its average volume of 56,181,609. The stock has a 50-day simple moving average of $30.19 and a 200-day simple moving average of $29.06. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $33.60. The stock has a market cap 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 debt-to-equity ratio of 0.99, a current ratio of 0.92 and a quick ratio of 0.91.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm had revenue of $22.96 billion for the quarter, compared to analysts’ expectations of $22.73 billion. During the same period last year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Sell-side analysts expect that Bank of America Corp will post 2.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be paid 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 (DPR) is presently 27.59%.
A number of analysts have recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Atlantic Securities raised shares of Bank of America from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 22nd. Societe Generale downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Wells Fargo & Co set a $34.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Finally, Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the stock. Bank of America currently has an average rating of “Hold” and a consensus target price of $32.59.
In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Frank P. Bramble sold 6,500 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the transaction, the director now owns 50,000 shares in the company, valued at $1,566,500. The disclosure for this sale can be found here. Insiders have sold 51,870 shares of company stock worth $1,476,104 over the last 90 days. 0.17% of the stock is currently owned by company insiders.
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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