Bank of America Corp (BAC) Stake Raised by Homrich & Berg
Homrich & Berg lifted its position in shares of Bank of America Corp (NYSE:BAC) by 13.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,227 shares of the financial services provider’s stock after acquiring an additional 10,301 shares during the quarter. Homrich & Berg’s holdings in Bank of America were worth $2,540,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of BAC. Janus Henderson Group PLC lifted its stake in Bank of America by 74.9% in the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock valued at $779,654,000 after buying an additional 11,842,467 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Bank of America by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock valued at $1,800,203,000 after buying an additional 8,925,474 shares in the last quarter. Natixis lifted its stake in Bank of America by 256.8% in the 2nd quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock valued at $242,851,000 after buying an additional 6,200,655 shares in the last quarter. SG Americas Securities LLC lifted its stake in Bank of America by 183.4% in the 3rd quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock valued at $55,160,000 after buying an additional 4,117,908 shares in the last quarter. Finally, Royal London Asset Management Ltd. purchased a new position in Bank of America in the 2nd quarter valued at about $111,692,000. 64.39% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on BAC. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. Wolfe Research began coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, BMO Capital Markets raised their price target on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.63.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The company had revenue of $22.78 billion during 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 quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 EPS. On average, sell-side analysts expect that Bank of America Corp will post 2.55 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be issued a $0.15 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.22%. Bank of America’s payout ratio 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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