Bank of America Co. (NYSE:BAC) Stake Lifted by Atalanta Sosnoff Capital LLC
Atalanta Sosnoff Capital LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 24.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,317,122 shares of the financial services provider’s stock after acquiring an additional 659,874 shares during the quarter. Bank of America comprises 2.3% of Atalanta Sosnoff Capital LLC’s investment portfolio, making the stock its 10th biggest holding. Atalanta Sosnoff Capital LLC’s holdings in Bank of America were worth $79,909,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ninety One North America Inc. increased its holdings in shares of Bank of America by 0.5% in the 2nd quarter. Ninety One North America Inc. now owns 75,114 shares of the financial services provider’s stock valued at $2,646,000 after acquiring an additional 387 shares during the last quarter. Pegasus Asset Management Inc. lifted its holdings in shares of Bank of America by 0.5% in the 3rd quarter. Pegasus Asset Management Inc. now owns 87,934 shares of the financial services provider’s stock valued at $2,118,000 after buying an additional 401 shares during the period. Truewealth LLC lifted its holdings in shares of Bank of America by 1.4% in the 2nd quarter. Truewealth LLC now owns 29,756 shares of the financial services provider’s stock valued at $707,000 after buying an additional 412 shares during the period. Cypress Wealth Services LLC lifted its holdings in shares of Bank of America by 2.7% in the 2nd quarter. Cypress Wealth Services LLC now owns 17,077 shares of the financial services provider’s stock valued at $406,000 after buying an additional 449 shares during the period. Finally, Intersect Capital LLC lifted its holdings in shares of Bank of America by 1.2% in the 2nd quarter. Intersect Capital LLC now owns 37,679 shares of the financial services provider’s stock valued at $895,000 after buying an additional 450 shares during the period. Institutional investors and hedge funds own 68.19% of the company’s stock.
Several research firms have recently commented on BAC. JPMorgan Chase & Co. raised their price target on Bank of America from $26.00 to $27.50 and gave the company an “overweight” rating in a report on Tuesday, October 6th. Morgan Stanley raised their price target on Bank of America from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, June 25th. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Tuesday, July 7th. Credit Suisse Group reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Bank of America in a research note on Monday, August 3rd. Finally, Royal Bank of Canada set a $28.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and an average target price of $29.31.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share 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 analysts’ expectations of $20.88 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. The business’s quarterly revenue was down 11.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.75 EPS. On average, analysts forecast that Bank of America Co. will post 1.73 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Thursday, September 3rd. Bank of America’s dividend payout ratio is currently 24.49%.
In other Bank of America news, major shareholder Berkshire Hathaway Inc acquired 13,584,301 shares of the stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average price of $24.81 per share, with a total value of $337,026,507.81. In the last ninety days, insiders bought 85,092,006 shares of company stock valued at $2,070,253,228. Company insiders own 0.20% of the company’s stock.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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