Bank of America Corp (BAC) Shares Sold by Prime Capital Investment Advisors LLC
Prime Capital Investment Advisors LLC lessened its position in Bank of America Corp (NYSE:BAC) by 36.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 168,115 shares of the financial services provider’s stock after selling 96,501 shares during the quarter. Bank of America makes up about 1.6% of Prime Capital Investment Advisors LLC’s holdings, making the stock its 18th biggest holding. Prime Capital Investment Advisors LLC’s holdings in Bank of America were worth $4,953,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the stock. Cardinal Capital Management Inc. purchased a new stake in Bank of America in the 3rd quarter worth approximately $106,000. CSat Investment Advisory L.P. purchased a new stake in Bank of America in the 2nd quarter worth approximately $103,000. Quad Cities Investment Group LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $112,000. Arlington Partners LLC purchased a new stake in Bank of America in the 3rd quarter worth approximately $118,000. Finally, Stelac Advisory Services LLC lifted its position in Bank of America by 50.2% in the 3rd quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock worth $169,000 after buying an additional 1,922 shares in the last quarter. Institutional investors and hedge funds own 64.39% of the company’s stock.
A number of research firms have issued reports on BAC. BMO Capital Markets increased their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Credit Suisse Group cut their target price on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Wolfe Research began coverage on shares of Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating for the company. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $34.55.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. Bank of America’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. On average, research analysts expect that Bank of America Corp will post 2.55 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America’s dividend payout ratio is currently 32.79%.
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About Bank of America
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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