GS Investments Inc. trimmed its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 23.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,163 shares of the financial services provider's stock after selling 11,093 shares during the quarter. GS Investments Inc.'s holdings in Bank of America were worth $1,435,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AMF Tjanstepension AB boosted its holdings in shares of Bank of America by 959.6% during the 2nd quarter. AMF Tjanstepension AB now owns 9,327,332 shares of the financial services provider's stock worth $370,948,000 after purchasing an additional 8,447,091 shares during the last quarter. Swedbank AB acquired a new position in Bank of America during the first quarter worth $261,923,000. 1832 Asset Management L.P. boosted its stake in Bank of America by 1,432.1% during the second quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider's stock worth $244,627,000 after buying an additional 5,749,567 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider's stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Bank of America during the 2nd quarter worth $127,252,000. Hedge funds and other institutional investors own 70.71% of the company's stock.
Bank of America Stock Performance
Shares of NYSE BAC traded up $0.48 during trading hours on Thursday, reaching $46.55. The stock had a trading volume of 33,926,271 shares, compared to its average volume of 38,631,176. Bank of America Co. has a fifty-two week low of $29.32 and a fifty-two week high of $47.05. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The firm has a market cap of $357.13 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 1.57 and a beta of 1.32. The firm has a 50-day moving average of $41.92 and a 200-day moving average of $40.55.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. Bank of America's revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. Equities research analysts predict that Bank of America Co. will post 3.27 earnings per share for the current year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Friday, December 6th. Bank of America's dividend payout ratio (DPR) is currently 37.82%.
Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. Oppenheimer upped their price objective on shares of Bank of America from $50.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, November 5th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Wells Fargo & Company upped their price objective on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Citigroup raised Bank of America from a "neutral" rating to a "buy" rating and raised their target price for the stock from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, StockNews.com raised Bank of America from a "sell" rating to a "hold" rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $44.26.
Read Our Latest Report on BAC
Insiders Place Their Bets
In other news, major shareholder Berkshire Hathaway Inc sold 6,754,272 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $39.79, for a total value of $268,752,482.88. Following the completion of the transaction, the insider now owns 921,706,667 shares in the company, valued at $36,674,708,279.93. This trade represents a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bernard A. Mensah sold 92,000 shares of the firm's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the transaction, the insider now owns 96,082 shares of the company's stock, valued at $3,824,063.60. This trade represents a 48.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,848,970 shares of company stock worth $4,145,103,288. Corporate insiders own 0.29% of the company's stock.
About Bank of America
(
Free Report)
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 four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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