Fagan Associates Inc. Has $6.81 Million Holdings in Bank of America Corp (BAC)
Fagan Associates Inc. decreased its position in Bank of America Corp (NYSE:BAC) by 2.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 231,230 shares of the financial services provider’s stock after selling 5,507 shares during the quarter. Bank of America makes up 2.8% of Fagan Associates Inc.’s portfolio, making the stock its 10th biggest holding. Fagan Associates Inc.’s holdings in Bank of America were worth $6,812,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of BAC. Xact Kapitalforvaltning AB grew its stake in Bank of America by 3.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 2,059,643 shares of the financial services provider’s stock valued at $58,061,000 after buying an additional 59,759 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Bank of America in the 2nd quarter valued at $298,000. Deprince Race & Zollo Inc. grew its stake in Bank of America by 28.6% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 9,000 shares of the financial services provider’s stock valued at $254,000 after buying an additional 2,000 shares during the last quarter. Highland Capital Management LLC grew its stake in Bank of America by 1.0% in the 2nd quarter. Highland Capital Management LLC now owns 739,788 shares of the financial services provider’s stock valued at $20,855,000 after buying an additional 7,350 shares during the last quarter. Finally, Cornerstone Advisors Inc. grew its stake in Bank of America by 22.7% in the 2nd quarter. Cornerstone Advisors Inc. now owns 9,786 shares of the financial services provider’s stock valued at $276,000 after buying an additional 1,808 shares during the last quarter. 64.98% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on BAC shares. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. BMO Capital Markets increased their price target on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a report on Tuesday, October 16th. Finally, Wolfe Research initiated coverage on shares of Bank of America in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $34.63.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The company had revenue of $22.78 billion during the quarter, compared to the consensus estimate of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $0.48 EPS. On average, equities research analysts expect that Bank of America Corp will post 2.55 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s payout ratio is 32.79%.
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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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