Bank of America Corp (BAC) Stake Lessened by Trilogy Global Advisors LP
Trilogy Global Advisors LP lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 7.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,294,150 shares of the financial services provider’s stock after selling 98,270 shares during the quarter. Trilogy Global Advisors LP’s holdings in Bank of America were worth $31,396,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Bank of America during the 2nd quarter valued at about $1,017,000. Northwest Investment Counselors LLC bought a new position in shares of Bank of America in the 2nd quarter worth approximately $100,000. Chicago Partners Investment Group LLC lifted its stake in shares of Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in shares of Bank of America by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 1,850 shares during the period. Finally, Lenox Wealth Advisors Inc. bought a new position in shares of Bank of America in the 2nd quarter worth approximately $144,000. 68.10% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on the stock. BidaskClub upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Vetr upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research note on Wednesday, August 30th. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Wells Fargo & Company assumed coverage on shares of Bank of America in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price objective on the stock. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $26.25.
Bank of America (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 EPS. equities analysts forecast that Bank of America Corp will post 1.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is currently 27.43%.
Bank of America Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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