Money Concepts Capital Corp grew its stake in shares of Bank of America Co. (NYSE:BAC – Get Rating) by 155.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,347 shares of the financial services provider’s stock after purchasing an additional 3,256 shares during the quarter. Money Concepts Capital Corp’s holdings in Bank of America were worth $161,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in BAC. Oliver Lagore Vanvalin Investment Group bought a new position in shares of Bank of America during the first quarter valued at approximately $26,000. Richelieu Gestion PLC bought a new position in shares of Bank of America during the second quarter valued at approximately $27,000. Truvestments Capital LLC bought a new position in shares of Bank of America during the second quarter valued at approximately $29,000. Avondale Wealth Management bought a new position in shares of Bank of America during the third quarter valued at approximately $30,000. Finally, Foster Dykema Cabot & Co. Inc. MA bought a new position in shares of Bank of America during the second quarter valued at approximately $31,000. 68.34% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. Morgan Stanley reduced their price objective on Bank of America from $38.00 to $37.00 and set an “equal weight” rating for the company in a research report on Thursday, December 15th. BMO Capital Markets boosted their price objective on Bank of America from $41.00 to $42.00 in a research report on Tuesday, October 18th. Barclays reduced their price objective on Bank of America from $51.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, January 3rd. StockNews.com assumed coverage on Bank of America in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Bank of America from $35.50 to $39.00 in a research report on Wednesday, November 2nd. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $42.16.
Bank of America Trading Up 1.0 %
Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings results on Monday, October 17th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.02. Bank of America had a return on equity of 11.36% and a net margin of 26.52%. The business had revenue of $24.50 billion during the quarter, compared to analyst estimates of $23.46 billion. During the same quarter last year, the company posted $0.85 EPS. Bank of America’s revenue for the quarter was up 7.6% on a year-over-year basis. Sell-side analysts forecast that Bank of America Co. will post 3.15 earnings per share for the current year.
Bank of America Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Friday, December 2nd were given a $0.22 dividend. The ex-dividend date was Thursday, December 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.56%. Bank of America’s dividend payout ratio (DPR) is 27.85%.
Insider Activity at Bank of America
In related news, major shareholder Of America Corp /De/ Bank sold 4 shares of the stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $23,750.00, for a total value of $95,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.26% 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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