Twin Capital Management Inc. lowered its holdings in shares of Bank of America Corp (NYSE:BAC) by 7.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 697,047 shares of the financial services provider’s stock after selling 57,125 shares during the period. Bank of America comprises 1.5% of Twin Capital Management Inc.’s portfolio, making the stock its 7th largest holding. Twin Capital Management Inc.’s holdings in Bank of America were worth $20,333,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Naples Global Advisors LLC lifted its holdings in shares of Bank of America by 7.4% during the third quarter. Naples Global Advisors LLC now owns 14,984 shares of the financial services provider’s stock valued at $437,000 after acquiring an additional 1,029 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management lifted its holdings in shares of Bank of America by 3.2% during the third quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 19,063 shares of the financial services provider’s stock valued at $556,000 after acquiring an additional 591 shares during the period. QV Investors Inc. bought a new position in shares of Bank of America during the third quarter valued at $5,453,000. RPG Investment Advisory LLC lifted its holdings in shares of Bank of America by 0.6% during the third quarter. RPG Investment Advisory LLC now owns 230,770 shares of the financial services provider’s stock valued at $6,732,000 after acquiring an additional 1,304 shares during the period. Finally, Plimoth Trust Co. LLC lifted its holdings in shares of Bank of America by 103.9% during the third quarter. Plimoth Trust Co. LLC now owns 73,567 shares of the financial services provider’s stock valued at $2,146,000 after acquiring an additional 37,485 shares during the period. Hedge funds and other institutional investors own 68.48% of the company’s stock.
Shares of Bank of America stock traded up $0.12 during trading on Monday, reaching $31.84. The company’s stock had a trading volume of 54,837,197 shares, compared to its average volume of 52,422,936. The stock has a 50-day moving average price of $29.37 and a two-hundred day moving average price of $28.89. 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 one year low of $22.66 and a one year high of $31.85. The stock has a market capitalization of $296.47 billion, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 1.21 and a beta of 1.60.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $22.96 billion during the quarter, compared to analysts’ expectations of $22.73 billion. During the same period in the previous year, the business posted $0.66 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Corp will post 2.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.26%. Bank of America’s dividend payout ratio is 27.59%.
A number of brokerages have issued reports on BAC. Odeon Capital Group raised Bank of America from a “hold” rating to a “buy” rating in a report on Monday. Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a report on Wednesday, July 10th. Wells Fargo & Co set a $34.00 price objective on Bank of America and gave the company a “buy” rating in a report on Tuesday, October 15th. Raymond James cut Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. Finally, Morgan Stanley cut their price objective on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $32.39.
In related news, Director Frank P. Bramble sold 6,500 shares of Bank of America stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total value of $203,645.00. Following the completion of the transaction, the director now directly owns 50,000 shares of the company’s stock, valued at $1,566,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The disclosure for this sale can be found here. Insiders sold 51,870 shares of company stock valued at $1,476,104 over the last ninety days. 0.17% of the stock is currently owned by company insiders.
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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