Gould Asset Management LLC CA Acquires New Stake in Bank of America Corp (BAC)
Gould Asset Management LLC CA acquired a new position in shares of Bank of America Corp (NYSE:BAC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,264 shares of the financial services provider’s stock, valued at approximately $214,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Madrona Financial Services LLC bought a new stake in Bank of America during the third quarter worth about $202,000. Nicola Wealth Management LTD. bought a new stake in Bank of America during the third quarter worth about $6,010,000. Exeter Financial LLC lifted its position in Bank of America by 4.1% during the third quarter. Exeter Financial LLC now owns 51,773 shares of the financial services provider’s stock worth $1,525,000 after purchasing an additional 2,061 shares during the period. Oarsman Capital Inc. lifted its position in Bank of America by 44.1% during the third quarter. Oarsman Capital Inc. now owns 103,245 shares of the financial services provider’s stock worth $3,042,000 after purchasing an additional 31,615 shares during the period. Finally, MML Investors Services LLC lifted its position in Bank of America by 23.0% during the third quarter. MML Investors Services LLC now owns 488,332 shares of the financial services provider’s stock worth $14,386,000 after purchasing an additional 91,400 shares during the period. 63.75% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday, November 8th. Finally, BMO Capital Markets upped their price objective 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. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $34.63.
Bank of America (NYSE:BAC) last posted its earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.04. The firm had revenue of $22.78 billion during the quarter, compared to analysts’ expectations of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 earnings per share. As a group, analysts anticipate that Bank of America Corp will post 2.55 EPS for the current year.
The business also recently announced 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. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.19%. Bank of America’s dividend payout ratio (DPR) is currently 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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