Ycg LLC grew its stake in Bank of America Corp (NYSE:BAC) by 272.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 443,832 shares of the financial services provider’s stock after purchasing an additional 324,724 shares during the quarter. Bank of America makes up 1.9% of Ycg LLC’s holdings, making the stock its 21st biggest position. Ycg LLC’s holdings in Bank of America were worth $12,947,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Larson Financial Group LLC grew its position in shares of Bank of America by 195.6% in the third quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 880 shares during the period. Salomon & Ludwin LLC lifted its stake in shares of Bank of America by 120.6% in the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares in the last quarter. WealthStone Inc. purchased a new position in shares of Bank of America in the second quarter worth about $49,000. Ellevest Inc. purchased a new position in shares of Bank of America in the second quarter worth about $60,000. Finally, Intercontinental Wealth Advisors LLC lifted its stake in shares of Bank of America by 39.2% in the third quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock worth $62,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 68.52% of the company’s stock.
In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.17% of the company’s stock.
Several equities analysts have recently weighed in on BAC shares. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Zacks Investment Research downgraded shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research note on Wednesday, July 10th. Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $36.00 to $29.00 in a research note on Thursday, September 5th. Wells Fargo & Co set a $34.00 price target on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 16th. Finally, Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.32.
BAC stock traded up $0.45 during trading on Wednesday, reaching $30.18. 81,144,223 shares of the stock were exchanged, compared to its average volume of 54,990,360. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average price of $28.64 and a 200-day moving average price of $28.77. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.17. The firm has a market capitalization of $282.83 billion, a price-to-earnings ratio of 11.56, a P/E/G ratio of 1.14 and a beta of 1.60.
Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.07. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. During the same period in the previous year, the firm earned $0.66 earnings per share. Bank of America’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Corp will post 2.82 EPS for the current year.
Bank of America announced that its board has approved a stock repurchase plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.39%. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.
Bank of America Company 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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