Bernardo Wealth Planning LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,200 shares of the financial services provider’s stock, valued at approximately $342,000.
Other hedge funds also recently modified their holdings of the company. Lenox Wealth Advisors LLC increased its position in Bank of America by 111.9% during the second quarter. Lenox Wealth Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 584 shares during the last quarter. AlphaMark Advisors LLC increased its position in Bank of America by 135.4% during the second quarter. AlphaMark Advisors LLC now owns 1,264 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 727 shares during the last quarter. Crewe Advisors LLC increased its position in Bank of America by 363.3% during the third quarter. Crewe Advisors LLC now owns 1,390 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,090 shares during the last quarter. Provident Wealth Management LLC acquired a new stake in shares of Bank of America in the third quarter worth $35,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America in the third quarter worth $60,000. 68.19% of the stock is owned by hedge funds and other institutional investors.
In other Bank of America news, major shareholder Berkshire Hathaway Inc bought 13,584,301 shares of Bank of America stock in a transaction on Tuesday, August 4th. The stock was purchased at an average cost of $24.81 per share, for a total transaction of $337,026,507.81. 0.20% of the stock is owned by insiders.
A number of research firms have commented on BAC. Wells Fargo & Company downgraded shares of Bank of America to a “sell” rating in a research note on Friday, July 10th. Royal Bank of Canada set a $28.00 price objective on shares of Bank of America and gave the company a “buy” rating in a research note on Wednesday, October 14th. JPMorgan Chase & Co. increased their price objective on shares of Bank of America from $26.00 to $27.50 and gave the company an “overweight” rating in a research note on Tuesday, October 6th. Oppenheimer reiterated a “buy” rating on shares of Bank of America in a research note on Tuesday, September 8th. Finally, DA Davidson downgraded shares of Bank of America from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $27.00 to $25.00 in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $29.31.
BAC stock opened at $24.36 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $215.74 billion, a P/E ratio of 12.33, a P/E/G ratio of 1.95 and a beta of 1.54. The firm has a 50 day simple moving average of $24.79 and a 200 day simple moving average of $24.36. Bank of America Co. has a 52 week low of $17.95 and a 52 week high of $35.72.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.02). The company had revenue of $20.30 billion for the quarter, compared to analyst estimates of $20.88 billion. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The business’s revenue for the quarter was down 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.75 earnings per share. Sell-side analysts predict that Bank of America Co. will post 1.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 24th. Shareholders of record on Friday, December 4th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Thursday, December 3rd. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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