Brookstone Capital Management Purchases 79,553 Shares of Bank of America Corporation $BAC

Brookstone Capital Management grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 75.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,761 shares of the financial services provider’s stock after purchasing an additional 79,553 shares during the quarter. Brookstone Capital Management’s holdings in Bank of America were worth $9,532,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Geode Capital Management LLC lifted its position in shares of Bank of America by 0.3% during the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after acquiring an additional 403,652 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of America during the 2nd quarter valued at $5,091,641,000. Fisher Asset Management LLC lifted its holdings in Bank of America by 5.2% during the 2nd quarter. Fisher Asset Management LLC now owns 51,405,673 shares of the financial services provider’s stock worth $2,432,516,000 after purchasing an additional 2,557,943 shares in the last quarter. Amundi boosted its stake in Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Bank of America by 124.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 17,619,837 shares of the financial services provider’s stock valued at $833,771,000 after buying an additional 9,782,208 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BAC. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Seaport Global Securities increased their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.59.

Bank of America Stock Up 0.6%

BAC opened at $56.29 on Friday. The business’s fifty day simple moving average is $53.35 and its 200 day simple moving average is $50.14. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $56.50. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $411.06 billion, a PE ratio of 15.34 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 EPS. As a group, research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.0%. Bank of America’s dividend payout ratio is currently 30.52%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.