Thompson Siegel & Walmsley LLC cut its position in shares of Bank of America Co. (NYSE:BAC – Free Report) by 0.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 506,518 shares of the financial services provider’s stock after selling 2,599 shares during the period. Thompson Siegel & Walmsley LLC’s holdings in Bank of America were worth $14,532,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. FNY Investment Advisers LLC boosted its stake in Bank of America by 75.9% during the second quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after buying an additional 397 shares during the last quarter. Marquette Asset Management LLC lifted its stake in shares of Bank of America by 333.2% in the 2nd quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 733 shares during the last quarter. Castleview Partners LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $28,000. Global Trust Asset Management LLC lifted its stake in shares of Bank of America by 45.7% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 325 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $34,000. 68.06% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the company. Evercore ISI lowered their price objective on Bank of America from $35.00 to $33.00 in a research note on Thursday, October 5th. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $29.00 to $30.00 in a research note on Monday, November 6th. Oppenheimer raised their price objective on Bank of America from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Thursday. Piper Sandler lowered their price objective on Bank of America from $28.00 to $27.50 and set an “underweight” rating for the company in a research note on Friday, September 15th. Finally, Wells Fargo & Company decreased their price target on Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of “Hold” and a consensus price target of $35.54.
Bank of America Trading Up 1.5 %
BAC traded up $0.44 during trading on Friday, hitting $29.98. 38,524,430 shares of the stock were exchanged, compared to its average volume of 48,288,260. The firm has a 50 day simple moving average of $27.42 and a 200 day simple moving average of $28.59. The firm has a market cap of $237.25 billion, a price-to-earnings ratio of 8.40, a P/E/G ratio of 1.22 and a beta of 1.38. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.87. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.82 and a current ratio of 0.83.
Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The business had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $25.13 billion. During the same period last year, the business posted $0.81 EPS. The business’s revenue was up 2.8% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Co. will post 3.46 EPS for the current year.
Bank of America Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a $0.24 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.20%. Bank of America’s dividend payout ratio is presently 26.89%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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