Becker Capital Management Inc. lifted its position in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 896,030 shares of the financial services provider’s stock after acquiring an additional 8,749 shares during the period. Bank of America accounts for 1.6% of Becker Capital Management Inc.’s portfolio, making the stock its 12th biggest holding. Becker Capital Management Inc.’s holdings in Bank of America were worth $38,036,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Probity Advisors Inc. grew its position in shares of Bank of America by 0.5% during the third quarter. Probity Advisors Inc. now owns 46,843 shares of the financial services provider’s stock worth $1,988,000 after acquiring an additional 227 shares during the last quarter. Garrett Investment Advisors LLC lifted its holdings in Bank of America by 4.2% in the third quarter. Garrett Investment Advisors LLC now owns 5,700 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 228 shares during the period. Adalta Capital Management LLC lifted its holdings in Bank of America by 7.3% in the second quarter. Adalta Capital Management LLC now owns 3,662 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 250 shares during the period. IMS Capital Management lifted its holdings in Bank of America by 1.4% in the third quarter. IMS Capital Management now owns 17,977 shares of the financial services provider’s stock worth $763,000 after purchasing an additional 252 shares during the period. Finally, AGF Investments LLC lifted its holdings in Bank of America by 2.7% in the second quarter. AGF Investments LLC now owns 9,693 shares of the financial services provider’s stock worth $400,000 after purchasing an additional 259 shares during the period. Institutional investors and hedge funds own 70.67% of the company’s stock.
BAC has been the subject of several research analyst reports. Evercore ISI upped their price objective on shares of Bank of America from $43.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, October 15th. They noted that the move was a valuation call. Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price objective for the company. in a report on Wednesday, October 13th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $60.00 price objective (up previously from $55.00) on shares of Bank of America in a report on Monday, October 25th. Robert W. Baird downgraded shares of Bank of America from a “neutral” rating to an “underperform” rating and cut their price target for the company from $47.17 to $42.00 in a report on Monday, November 1st. They noted that the move was a valuation call. Finally, Odeon Capital Group raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price target for the company in a report on Monday, September 13th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Buy” and a consensus price target of $44.04.
BAC stock traded up $0.13 during midday trading on Thursday, hitting $47.63. 40,059,953 shares of the company traded hands, compared to its average volume of 48,298,340. Bank of America Co. has a twelve month low of $28.10 and a twelve month high of $48.69. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 1.12. The business has a 50 day simple moving average of $45.21 and a 200-day simple moving average of $42.33. The stock has a market capitalization of $389.81 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.53.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.71 by $0.14. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The company had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $21.60 billion. During the same quarter last year, the company posted $0.51 earnings per share. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.49 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be issued a dividend of $0.21 per share. The ex-dividend date is Thursday, December 2nd. This represents a $0.84 annualized dividend and a yield of 1.76%. Bank of America’s dividend payout ratio (DPR) is presently 25.23%.
About Bank of America
Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.
See Also: What is Compound Interest?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.