Benjamin F. Edwards & Company Inc. Raises Position in Bank of America Corp (BAC)

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Benjamin F. Edwards & Company Inc. raised its stake in Bank of America Corp (NYSE:BAC) by 9.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,424 shares of the financial services provider’s stock after buying an additional 5,512 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Bank of America were worth $1,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America during the 2nd quarter valued at about $103,000. Cardinal Capital Management Inc. bought a new stake in shares of Bank of America during the 3rd quarter valued at about $106,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of America during the 2nd quarter valued at about $112,000. Arlington Partners LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at about $118,000. Finally, Whitnell & Co. bought a new stake in shares of Bank of America during the 2nd quarter valued at about $134,000. Hedge funds and other institutional investors own 65.12% of the company’s stock.

BAC has been the topic of several research analyst reports. Wolfe Research initiated coverage on Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Finally, BMO Capital Markets upped 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $34.19.

In related news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total transaction of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.10% of the stock is currently owned by corporate insiders.

BAC stock opened at $27.50 on Thursday. Bank of America Corp has a fifty-two week low of $25.81 and a fifty-two week high of $33.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $274.33 billion, a P/E ratio of 11.25, a PEG ratio of 1.31 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share 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 for the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the prior year, the business earned $0.48 EPS. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s dividend payout ratio (DPR) is currently 32.79%.

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. 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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