ABN Amro Investment Solutions Has $74.08 Million Stake in Bank of America Corporation $BAC

ABN Amro Investment Solutions reduced its holdings in shares of Bank of America Corporation (NYSE:BACFree Report) by 2.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,435,949 shares of the financial services provider’s stock after selling 43,221 shares during the quarter. Bank of America makes up approximately 1.5% of ABN Amro Investment Solutions’ holdings, making the stock its 14th biggest position. ABN Amro Investment Solutions’ holdings in Bank of America were worth $74,081,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Shepherd Financial Partners LLC raised its position in shares of Bank of America by 0.3% in the third quarter. Shepherd Financial Partners LLC now owns 60,279 shares of the financial services provider’s stock valued at $3,110,000 after purchasing an additional 189 shares during the period. William B. Walkup & Associates Inc. grew its stake in shares of Bank of America by 1.4% during the third quarter. William B. Walkup & Associates Inc. now owns 14,020 shares of the financial services provider’s stock worth $723,000 after buying an additional 192 shares during the last quarter. Albion Financial Group UT boosted its position in Bank of America by 1.6% during the 3rd quarter. Albion Financial Group UT now owns 13,031 shares of the financial services provider’s stock worth $672,000 after buying an additional 205 shares during the period. Motive Wealth Advisors boosted its holdings in Bank of America by 3.6% in the third quarter. Motive Wealth Advisors now owns 5,910 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 205 shares during the last quarter. Finally, Howard Financial Services LTD. lifted its stake in shares of Bank of America by 2.5% in the 3rd quarter. Howard Financial Services LTD. now owns 8,508 shares of the financial services provider’s stock valued at $439,000 after purchasing an additional 205 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.0%

BAC stock opened at $52.53 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $57.55. The business’s 50-day moving average is $54.43 and its two-hundred day moving average is $52.04. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $383.59 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.28 and a beta of 1.29.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $27.73 billion. Bank of America had a return on equity of 11.07% and a net margin of 16.23%.Bank of America’s revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.82 EPS. As a group, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 6th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, March 6th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is currently 29.24%.

Wall Street Analyst Weigh In

A number of analysts have commented on BAC shares. CICC Research started coverage on shares of Bank of America in a research note on Wednesday, January 14th. They set an “outperform” rating and a $62.00 price target for the company. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Phillip Securities increased their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a research note on Wednesday, October 22nd. Finally, Barclays lifted their price objective on Bank of America from $59.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Twenty-two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $60.30.

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Bank of America Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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