Rothschild & Co Wealth Management UK Ltd lessened its holdings in Bank of America Corp (NYSE:BAC) by 35.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 965 shares of the financial services provider’s stock after selling 535 shares during the period. Rothschild & Co Wealth Management UK Ltd’s holdings in Bank of America were worth $28,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Manning & Napier Group LLC grew its holdings in shares of Bank of America by 870.6% during the second quarter. Manning & Napier Group LLC now owns 1,472,004 shares of the financial services provider’s stock worth $42,687,000 after buying an additional 1,320,339 shares in the last quarter. Busey Wealth Management lifted its stake in Bank of America by 4.4% in the 2nd quarter. Busey Wealth Management now owns 39,709 shares of the financial services provider’s stock worth $1,151,000 after purchasing an additional 1,667 shares in the last quarter. Mitchell Capital Management Co. boosted its holdings in shares of Bank of America by 21.7% during the 2nd quarter. Mitchell Capital Management Co. now owns 49,570 shares of the financial services provider’s stock worth $1,438,000 after purchasing an additional 8,848 shares during the last quarter. HCR Wealth Advisors boosted its holdings in shares of Bank of America by 29.2% during the 2nd quarter. HCR Wealth Advisors now owns 80,606 shares of the financial services provider’s stock worth $2,338,000 after purchasing an additional 18,197 shares during the last quarter. Finally, Arizona State Retirement System grew its position in shares of Bank of America by 1.9% in the second quarter. Arizona State Retirement System now owns 1,956,651 shares of the financial services provider’s stock valued at $56,743,000 after purchasing an additional 36,538 shares in the last quarter. 69.20% of the stock is owned by institutional investors.
In related news, insider Kathleen A. Knox sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the sale, the insider now directly owns 43,744 shares of the company’s stock, valued at approximately $1,322,381.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frank P. Bramble sold 6,500 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $31.33, for a total transaction of $203,645.00. Following the sale, the director now owns 50,000 shares in the company, valued at $1,566,500. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by insiders.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The company had revenue of $22.96 billion for the quarter, compared to analysts’ expectations of $22.73 billion. During the same period in the prior year, the firm earned $0.66 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corp will post 2.89 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be issued a $0.18 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.72 annualized dividend and a dividend yield of 2.20%. Bank of America’s dividend payout ratio is presently 27.59%.
A number of brokerages recently commented on BAC. Keefe, Bruyette & Woods downgraded Bank of America from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $36.00 to $29.00 in a research report on Thursday, September 5th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. Raymond James cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 29th. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, UBS Group boosted their target price on shares of Bank of America from $33.00 to $34.00 and gave the company a “buy” rating in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $33.05.
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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