Chilton Capital Management LLC cut its stake in shares of Bank of America Co. (NYSE:BAC) by 3.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 164,336 shares of the financial services provider’s stock after selling 6,028 shares during the period. Chilton Capital Management LLC’s holdings in Bank of America were worth $5,116,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in BAC. Vanguard Group Inc. grew its stake in shares of Bank of America by 0.9% during the first quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock worth $24,369,557,000 after buying an additional 5,015,041 shares during the last quarter. Dodge & Cox boosted its holdings in shares of Bank of America by 3.5% during the 2nd quarter. Dodge & Cox now owns 44,434,589 shares of the financial services provider’s stock valued at $1,383,249,000 after acquiring an additional 1,511,600 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Bank of America by 1.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 36,940,776 shares of the financial services provider’s stock worth $1,522,699,000 after acquiring an additional 603,512 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Bank of America by 2.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 35,229,840 shares of the financial services provider’s stock worth $1,452,584,000 after purchasing an additional 773,812 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in Bank of America by 8.7% in the second quarter. UBS Asset Management Americas Inc. now owns 31,464,323 shares of the financial services provider’s stock valued at $979,484,000 after purchasing an additional 2,531,320 shares during the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.
In other news, major shareholder Of America Corp /De/ Bank sold 4 shares of the firm’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $23,750.00, for a total value of $95,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.26% of the company’s stock.
Bank of America Trading Down 0.9 %
Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings results on Monday, October 17th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.02. The firm had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $23.46 billion. Bank of America had a return on equity of 11.36% and a net margin of 26.52%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.85 EPS. Research analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.
Bank of America Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 2nd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, December 1st. Bank of America’s dividend payout ratio (DPR) is currently 27.85%.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on BAC. Morgan Stanley upped their price objective on Bank of America from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, September 12th. JPMorgan Chase & Co. boosted their price objective on shares of Bank of America from $35.50 to $39.00 in a research note on Wednesday, November 2nd. The Goldman Sachs Group lowered their target price on Bank of America from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, October 4th. Finally, BMO Capital Markets lifted their target price on Bank of America from $41.00 to $42.00 in a report on Tuesday, October 18th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.15.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
- Get a free copy of the StockNews.com research report on Bank of America (BAC)
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