Bank of America Corp (BAC) Holdings Raised by ADAMCAPITAL Gestao de Recursos Ltda.

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ADAMCAPITAL Gestao de Recursos Ltda. raised its position in shares of Bank of America Corp (NYSE:BAC) by 5.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,713,789 shares of the financial services provider’s stock after acquiring an additional 370,829 shares during the period. Bank of America makes up 14.6% of ADAMCAPITAL Gestao de Recursos Ltda.’s portfolio, making the stock its biggest position. ADAMCAPITAL Gestao de Recursos Ltda.’s holdings in Bank of America were worth $227,248,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. McKinley Carter Wealth Services Inc. acquired a new stake in Bank of America during the first quarter valued at approximately $105,000. Cardinal Capital Management Inc. acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $106,000. CSat Investment Advisory L.P. acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $103,000. Quad Cities Investment Group LLC acquired a new stake in shares of Bank of America during the 2nd quarter worth approximately $112,000. Finally, WealthTrust Fairport LLC acquired a new stake in shares of Bank of America during the 1st quarter worth approximately $141,000. 65.14% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.10% of the company’s stock.

A number of analysts have recently weighed in on BAC shares. Wolfe Research started coverage on Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. BMO Capital Markets increased their price target on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $34.19.

BAC stock traded down $0.94 on Monday, reaching $27.38. The company’s stock had a trading volume of 89,643,477 shares, compared to its average volume of 68,947,192. Bank of America Corp has a 52 week low of $25.81 and a 52 week high of $33.05. The firm has a market capitalization of $290.10 billion, a price-to-earnings ratio of 14.96, a price-to-earnings-growth ratio of 1.39 and a beta of 1.30. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The business had revenue of $22.78 billion during the quarter, compared to analyst estimates of $22.63 billion. During the same period in the prior year, the company posted $0.48 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corp will post 2.55 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Thursday, June 28th that allows the company to repurchase $20.60 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.19%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, September 6th. Bank of America’s dividend payout ratio is 32.79%.

Bank of America Company 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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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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