Brown Advisory Securities LLC Boosts Position in Bank of America Corp (BAC)
Brown Advisory Securities LLC boosted its stake in shares of Bank of America Corp (NYSE:BAC) by 3.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 96,787 shares of the financial services provider’s stock after buying an additional 3,128 shares during the quarter. Brown Advisory Securities LLC’s holdings in Bank of America were worth $2,852,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of BAC. Janus Henderson Group PLC grew its position in Bank of America by 74.9% during the second 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 during the period. Dimensional Fund Advisors LP boosted its position in Bank of America by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after purchasing an additional 8,925,474 shares during the period. Natixis boosted its position in Bank of America by 256.8% during the second quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock worth $242,851,000 after purchasing an additional 6,200,655 shares during the period. SG Americas Securities LLC boosted its position in Bank of America by 183.4% during the third quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock worth $55,160,000 after purchasing an additional 4,117,908 shares during the period. Finally, Royal London Asset Management Ltd. bought a new position in Bank of America during the second quarter worth about $111,692,000. Institutional investors own 64.39% of the company’s stock.
A number of brokerages have weighed in 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 lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Finally, Wolfe Research began coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set 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. The company has a consensus rating of “Buy” and an average target price of $34.63.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share (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 for the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the prior year, the firm posted $0.48 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. Analysts predict that Bank of America Corp will post 2.55 EPS for the current fiscal year.
The company 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 $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Thursday, December 6th. 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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