Acorn Financial Advisory Services Inc. ADV lifted its position in Bank of America Co. (NYSE:BAC) by 9.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,240 shares of the financial services provider’s stock after acquiring an additional 2,850 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Bank of America were worth $801,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of BAC. Public Investment Fund bought a new stake in Bank of America during the 1st quarter worth approximately $487,569,000. EdgePoint Investment Group Inc. bought a new stake in Bank of America during the 2nd quarter worth approximately $350,740,000. Nordea Investment Management AB increased its stake in Bank of America by 94.2% during the 2nd quarter. Nordea Investment Management AB now owns 14,883,900 shares of the financial services provider’s stock worth $348,432,000 after purchasing an additional 7,218,779 shares in the last quarter. Bessemer Group Inc. increased its stake in Bank of America by 51.6% during the 2nd quarter. Bessemer Group Inc. now owns 21,055,944 shares of the financial services provider’s stock worth $500,078,000 after purchasing an additional 7,164,156 shares in the last quarter. Finally, Capital International Investors bought a new stake in Bank of America during the 1st quarter worth approximately $83,381,000. 68.19% of the stock is owned by institutional investors and hedge funds.
In other Bank of America news, major shareholder Berkshire Hathaway Inc purchased 16,424,366 shares of the business’s stock in a transaction on Monday, July 27th. The stock was acquired at an average price of $24.22 per share, with a total value of $397,798,144.52. Insiders have acquired a total of 85,092,006 shares of company stock valued at $2,070,253,228 in the last ninety days. Insiders own 0.20% of the company’s stock.
Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 14th. The financial services provider reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.02). Bank of America had a net margin of 19.09% and a return on equity of 9.11%. The firm had revenue of $20.30 billion during the quarter, compared to the consensus estimate of $20.88 billion. During the same period in the prior year, the business posted $0.75 earnings per share. Bank of America’s quarterly revenue was down 11.6% compared to the same quarter last year. As a group, equities analysts predict that Bank of America Co. will post 1.73 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend was Thursday, September 3rd. Bank of America’s dividend payout ratio is 24.49%.
BAC has been the subject of a number of research reports. Credit Suisse Group reissued a “buy” rating and set a $31.00 target price on shares of Bank of America in a research note on Monday, August 3rd. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a research note on Tuesday, September 8th. Wells Fargo & Company cut shares of Bank of America to a “sell” rating in a research note on Friday, July 10th. Morgan Stanley raised their price target on shares of Bank of America from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, June 25th. Finally, JPMorgan Chase & Co. raised their price target on shares of Bank of America from $26.00 to $27.50 and gave the stock an “overweight” rating in a research note on Tuesday, October 6th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Bank of America has an average rating of “Buy” and a consensus target price of $29.31.
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 in Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.
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