Bank of America Corp (BAC) Position Reduced by Summit Securities Group LLC
Summit Securities Group LLC reduced its stake in shares of Bank of America Corp (NYSE:BAC) by 28.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 229,900 shares of the financial services provider’s stock after selling 91,900 shares during the quarter. Bank of America accounts for approximately 2.5% of Summit Securities Group LLC’s holdings, making the stock its 8th biggest position. Summit Securities Group LLC’s holdings in Bank of America were worth $6,773,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Dana Investment Advisors Inc. grew its stake in Bank of America by 1.3% in the 2nd quarter. Dana Investment Advisors Inc. now owns 1,160,529 shares of the financial services provider’s stock valued at $32,715,000 after purchasing an additional 15,071 shares during the period. Synovus Financial Corp raised its holdings in shares of Bank of America by 4.5% in the 2nd quarter. Synovus Financial Corp now owns 650,542 shares of the financial services provider’s stock valued at $18,331,000 after acquiring an additional 27,738 shares in the last quarter. Personal Capital Advisors Corp raised its holdings in shares of Bank of America by 57.4% during the 2nd quarter. Personal Capital Advisors Corp now owns 45,965 shares of the financial services provider’s stock valued at $1,296,000 after buying an additional 16,762 shares in the last quarter. Aviva PLC raised its holdings in shares of Bank of America by 11.2% during the 2nd quarter. Aviva PLC now owns 6,866,274 shares of the financial services provider’s stock valued at $193,560,000 after buying an additional 692,457 shares in the last quarter. Finally, Cognios Capital LLC increased its stake in Bank of America by 4.1% in the 2nd quarter. Cognios Capital LLC now owns 65,984 shares of the financial services provider’s stock worth $1,860,000 after purchasing an additional 2,592 shares during the period. Institutional investors own 64.39% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday, November 8th. Wolfe Research started coverage on Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. Finally, BMO Capital Markets boosted their price target on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Bank of America has an average rating of “Buy” and an average target price of $34.63.
Bank of America (NYSE:BAC) last issued its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm had revenue of $22.78 billion during the quarter, compared to the consensus estimate of $22.63 billion. During the same quarter in the previous year, the firm posted $0.48 earnings per share. The company’s revenue was up 3.2% compared to the same quarter last year. Analysts predict that Bank of America Corp will post 2.55 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 annualized dividend and a dividend yield of 2.28%. Bank of America’s dividend payout ratio (DPR) is 32.79%.
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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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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