Gratus Capital LLC decreased its stake in Bank of America Corp (NYSE:BAC) by 18.9% during the fourth quarter, Holdings Channel reports. The fund owned 24,086 shares of the financial services provider’s stock after selling 5,631 shares during the period. Gratus Capital LLC’s holdings in Bank of America Corp were worth $532,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of BAC. BlackRock Institutional Trust Company N.A. boosted its position in shares of Bank of America Corp by 1.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 271,120,278 shares of the financial services provider’s stock valued at $4,243,032,000 after buying an additional 4,386,446 shares during the last quarter. BlackRock Fund Advisors raised its stake in Bank of America Corp by 4.9% in the third quarter. BlackRock Fund Advisors now owns 123,637,282 shares of the financial services provider’s stock valued at $1,934,923,000 after buying an additional 5,817,572 shares during the period. BlackRock Group LTD raised its stake in Bank of America Corp by 3.8% in the third quarter. BlackRock Group LTD now owns 91,336,967 shares of the financial services provider’s stock valued at $1,429,425,000 after buying an additional 3,318,508 shares during the period. BlackRock Advisors LLC raised its stake in Bank of America Corp by 10.4% in the third quarter. BlackRock Advisors LLC now owns 82,996,128 shares of the financial services provider’s stock valued at $1,298,889,000 after buying an additional 7,823,538 shares during the period. Finally, Korea Investment CORP raised its stake in Bank of America Corp by 1.4% in the third quarter. Korea Investment CORP now owns 77,932,525 shares of the financial services provider’s stock valued at $1,219,644,000 after buying an additional 1,110,544 shares during the period. 63.95% of the stock is currently owned by institutional investors and hedge funds.
Shares of Bank of America Corp (NYSE:BAC) traded up 0.22% during midday trading on Friday, hitting $23.12. 113,499,139 shares of the company’s stock were exchanged. Bank of America Corp has a 52 week low of $12.05 and a 52 week high of $25.80. The company has a 50-day moving average of $24.34 and a 200-day moving average of $20.60. The firm has a market cap of $243.14 billion, a price-to-earnings ratio of 15.44 and a beta of 1.47.
Bank of America Corp (NYSE:BAC) last issued its quarterly earnings results on Friday, January 13th. The financial services provider reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.02. Bank of America Corp had a return on equity of 6.85% and a net margin of 18.10%. The firm earned $20 billion during the quarter. During the same quarter in the previous year, the business earned $0.27 earnings per share. Bank of America Corp’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that Bank of America Corp will post $1.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 3rd will be issued a dividend of $0.075 per share. The ex-dividend date is Wednesday, March 1st. This represents a $0.30 annualized dividend and a dividend yield of 1.30%. Bank of America Corp’s payout ratio is presently 21.74%.
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Several equities research analysts recently weighed in on BAC shares. Vetr upgraded shares of Bank of America Corp from a “strong sell” rating to a “sell” rating and set a $18.65 price objective on the stock in a research note on Monday, November 28th. Keefe, Bruyette & Woods upgraded shares of Bank of America Corp from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $17.50 to $23.00 in a research note on Tuesday, November 29th. Deutsche Bank AG increased their price objective on shares of Bank of America Corp from $17.50 to $23.00 and gave the stock a “hold” rating in a research note on Wednesday, November 30th. Standpoint Research lowered shares of Bank of America Corp from a “buy” rating to a “hold” rating in a research note on Thursday, December 1st. Finally, Guggenheim lowered shares of Bank of America Corp from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. Bank of America Corp currently has a consensus rating of “Buy” and an average target price of $21.75.
About Bank of America Corp
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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