Bank of America Corporation $BAC Shares Bought by Carnegie Investment Counsel

Carnegie Investment Counsel grew its position in Bank of America Corporation (NYSE:BAC) by 9.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 529,934 shares of the financial services provider’s stock after purchasing an additional 45,168 shares during the quarter. Carnegie Investment Counsel’s holdings in Bank of America were worth $27,339,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quaker Wealth Management LLC raised its stake in Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after buying an additional 880 shares in the last quarter. Nova Wealth Management Inc. raised its position in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares in the last quarter. Steph & Co. lifted its stake in Bank of America by 224.3% during the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 379 shares during the last quarter. RMG Wealth Management LLC acquired a new position in Bank of America in the second quarter valued at approximately $28,000. Finally, CGC Financial Services LLC boosted its holdings in Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 521 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE:BAC opened at $56.20 on Friday. Bank of America Corporation has a one year low of $33.06 and a one year high of $56.55. The stock has a market capitalization of $410.36 billion, a price-to-earnings ratio of 15.31 and a beta of 1.30. The company has a 50-day simple moving average of $53.45 and a 200-day simple moving average of $50.22. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion for 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 firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 EPS. On average, analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BAC. Wells Fargo & Company boosted their price objective on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Citigroup lifted their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Seaport Global Securities raised their price objective on Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Dbs Bank raised Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $58.59.

About Bank of America

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.