Investec Asset Management PTY Ltd decreased its position in shares of Bank of America Corp (NYSE:BAC) by 32.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 243,503 shares of the financial services provider’s stock after selling 116,006 shares during the quarter. Bank of America makes up about 1.2% of Investec Asset Management PTY Ltd’s holdings, making the stock its 19th largest position. Investec Asset Management PTY Ltd’s holdings in Bank of America were worth $7,193,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of BAC. Standard Life Aberdeen plc boosted its stake in shares of Bank of America by 2.3% during the third quarter. Standard Life Aberdeen plc now owns 20,334,753 shares of the financial services provider’s stock worth $599,163,000 after buying an additional 455,380 shares during the period. Columbus Hill Capital Management L.P. boosted its stake in shares of Bank of America by 79.7% during the third quarter. Columbus Hill Capital Management L.P. now owns 1,732,531 shares of the financial services provider’s stock worth $51,040,000 after buying an additional 768,531 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Bank of America by 13.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,284,683 shares of the financial services provider’s stock worth $67,307,000 after buying an additional 270,305 shares during the period. Almanack Investment Partners LLC. boosted its stake in shares of Bank of America by 63.2% during the third quarter. Almanack Investment Partners LLC. now owns 27,464 shares of the financial services provider’s stock worth $784,000 after buying an additional 10,631 shares during the period. Finally, Homrich & Berg boosted its stake in shares of Bank of America by 13.6% during the third quarter. Homrich & Berg now owns 86,227 shares of the financial services provider’s stock worth $2,540,000 after buying an additional 10,301 shares during the period. 64.39% of the stock is currently owned by institutional investors.

Shares of BAC opened at $25.43 on Friday. Bank of America Corp has a fifty-two week low of $25.30 and a fifty-two week high of $33.05. The stock has a market cap of $269.20 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 1.29 and a beta of 1.27. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced 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 firm 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%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 earnings per share. On average, sell-side analysts anticipate that Bank of America Corp will post 2.55 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be given 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 2.36%. Bank of America’s payout ratio is currently 32.79%.

BAC has been the subject of several recent research reports. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. 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 note on Tuesday, October 16th. Credit Suisse Group decreased 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 note on Friday. Finally, Wolfe Research initiated coverage on shares of Bank of America in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $34.55.

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

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