Sanders Capital LLC increased its stake in Bank of America Corp (NYSE:BAC) by 0.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,036,564 shares of the financial services provider’s stock after purchasing an additional 18,332 shares during the period. Bank of America makes up approximately 2.7% of Sanders Capital LLC’s portfolio, making the stock its 17th biggest holding. Sanders Capital LLC’s holdings in Bank of America were worth $592,874,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. Atlantic Trust LLC boosted its stake in shares of Bank of America by 18.3% during the second quarter. Atlantic Trust LLC now owns 14,105 shares of the financial services provider’s stock valued at $398,000 after purchasing an additional 2,180 shares during the period. Oarsman Capital Inc. boosted its stake in shares of Bank of America by 3.7% during the second quarter. Oarsman Capital Inc. now owns 71,630 shares of the financial services provider’s stock valued at $2,019,000 after purchasing an additional 2,540 shares during the period. Fulton Bank N.A. boosted its stake in shares of Bank of America by 11.1% during the third quarter. Fulton Bank N.A. now owns 153,504 shares of the financial services provider’s stock valued at $4,522,000 after purchasing an additional 15,306 shares during the period. Associated Banc Corp lifted its stake in Bank of America by 9.2% in the second quarter. Associated Banc Corp now owns 328,171 shares of the financial services provider’s stock worth $9,252,000 after acquiring an additional 27,611 shares during the period. Finally, Financial Advocates Investment Management lifted its stake in Bank of America by 8.1% in the second quarter. Financial Advocates Investment Management now owns 64,406 shares of the financial services provider’s stock worth $1,821,000 after acquiring an additional 4,821 shares during the period. Institutional investors own 65.12% of the company’s stock.
BAC opened at $26.61 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $270.33 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.29 and a beta of 1.30. Bank of America Corp has a 12-month low of $25.81 and a 12-month high of $33.05.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is 32.79%.
A number of analysts recently commented on the company. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. BMO Capital Markets raised their price target on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Finally, Wolfe Research assumed coverage on Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. Bank of America currently has an average rating of “Buy” and a consensus target price of $34.19.
In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of the stock in a transaction 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 owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.10% of the stock is currently owned by corporate insiders.
Bank of America 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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