First Long Island Investors LLC grew its position in Bank of America Corp (NYSE:BAC) by 2.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 304,116 shares of the financial services provider’s stock after purchasing an additional 7,678 shares during the period. First Long Island Investors LLC’s holdings in Bank of America were worth $8,959,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Bank of America by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after acquiring an additional 8,925,474 shares in the last quarter. Lansdowne Partners UK LLP raised its holdings in Bank of America by 3.0% during the second quarter. Lansdowne Partners UK LLP now owns 32,953,489 shares of the financial services provider’s stock worth $928,965,000 after acquiring an additional 954,047 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Bank of America by 7.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock worth $890,740,000 after acquiring an additional 2,057,669 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Bank of America by 74.9% during the second quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock worth $779,654,000 after acquiring an additional 11,842,467 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Bank of America by 5.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 26,618,462 shares of the financial services provider’s stock worth $750,376,000 after acquiring an additional 1,460,474 shares in the last quarter. Institutional investors own 65.06% of the company’s stock.

NYSE:BAC opened at $28.52 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $292.35 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 1.40 and a beta of 1.31. Bank of America Corp has a 12-month low of $25.81 and a 12-month high of $33.05.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.04. The firm had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.48 earnings per share. Equities research analysts predict that Bank of America Corp will post 2.55 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a $0.15 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.60 annualized dividend and a yield of 2.10%. Bank of America’s dividend payout ratio is 32.79%.

Several research firms recently issued reports on BAC. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Thursday. BMO Capital Markets upped their target price on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Tuesday, October 16th. Finally, Wolfe Research began coverage on Bank of America in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $34.63.

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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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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