Pacific Global Investment Management Co. increased its stake in Bank of America Co. (NYSE:BAC – Get Rating) by 3.8% in the third quarter, according to its latest 13F filings with the Securities and Exchange Commission became. The company owned 267,182 shares of the financial services provider after purchasing an additional 9,706 of his shares during the quarter. Bank of America holds approximately 2.0% of Pacific Global Investment Management’s holdings, making it the ninth largest position. Pacific Global Investment Management’s Bank of America holdings were valued at $8,069,000 at the end of the most recent quarter.
Several other institutional investors have also increased or decreased their stakes in BAC recently. Creative Financial Designs Inc. ADV expanded his position in Bank of America by 21.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 84,798 shares of the financial services provider worth $2,561,000 after he purchased an additional 15,155 shares last quarter. GYL Financial Synergies LLC boosted its Bank of America stake by 3.9% in the third quarter. GYL Financial Synergies LLC now owns 15,987 shares of the financial services provider worth $483,000 after acquiring an additional 607 shares in the previous quarter. Lowe Brockenbrough & Co. Inc. increased his Bank of America stake by 1.1% in the third quarter. Lowe Brockenbrough & Co. Inc. now owns 26,888 shares of the financial services provider worth $812,000 after acquiring an additional 300 shares during this period. Atria Investments LLC increased its stake in Bank of America by 12.2% in the third quarter. Atria Investments LLC now owns 321,971 shares of the financial services provider worth $9,724,000 after purchasing an additional 35,031 shares in the previous quarter. Finally, Smith Salley & Associates increased its stake in Bank of America by 5.1% in the third quarter. Smith Salley & Associates now owns 71,648 shares of the financial services provider worth $2,164,000 after purchasing an additional 3,501 shares in the previous quarter. 68.34% of the shares are owned by institutional investors.
Wall Street Analyst Predicts Growth
Many research firms comment on BAC. Deutsche Bank downgraded Bank of America’s stock from a ‘buy’ rating to a ‘hold’ rating and lowered the company’s price target from $45.00 to his $36.00 in a research report on Friday Jan. 6. . JPMorgan Chase & Co. raised its price target on Bank of America from $35.50 to $39.00 in a report on Wednesday, November 2nd. Goldman Sachs Group Inc. lowered its price target on Bank of America from $42.00 to $40.00 and gave the stock a Buy rating in its report on Tuesday, October 4. StockNews.com began covering Bank of America with a report on Wednesday, October 12th. They issued a “pending” rating to the company. Finally, Citigroup downgraded Bank of America’s stock from a Buy rating to a Neutral rating and set a price target of $40.00. In a report on Monday, November 14th. Seven analysts rated the stock with a hold rating and seven issued a buy rating for the company. According to MarketBeat.com data, Bank of America currently has an average rating of “moderate buy” with a consensus target price of $41.94.
In other news, major shareholder Of America Corp /De/ Bank sold four shares of the company in a deal on Wednesday, November 16th. The shares sold for an average of $23,750.00 and the total transaction value he was $95,000.00. The transaction was disclosed in documents filed with the SEC and can be accessed at this link. A corporate insider owns his 0.26% of the company’s shares.
Bank of America trading up 0.6%
Bank of America shares rose $0.21 in Friday trading to reach $34.68. His 2,561,146 shares of the company were exchanged, but the average trading volume was 38,149,926 of his shares. Bank of America Co. has a 12-month low of $29.31 and a 12-month high of $50.11. His 50-day moving average price for this business is $34.83 and his 200-day moving average price is $33.88. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt to equity ratio of 1.12. The company has a market capitalization of $278.22 billion, a price/earnings ratio of 10.91, a P/E/G ratio of 1.34 and a beta of 1.39.
Bank of America (NYSE:BAC – Get Rating) last reported quarterly results on Monday, Oct. 17. The financial services provider reported EPS of $0.81 for the quarter, beating analysts’ consensus forecast of $0.79 by $0.02. The company posted revenue of $24.5 billion for the quarter, compared to analyst estimates of $23.46 billion. Bank of America’s return on equity was 11.36% and net income margin was 26.52%. Bank of America revenues increased 7.6% year-on-year. In the same period last year he recorded an EPS of $0.85. Sell-side analysts expect Bank of America to post 3.15 EPS in the current fiscal year.
Bank of America Announces Dividend
The company recently announced its quarterly dividend, which was paid out on Friday, December 30th. Investors of record on Friday, December 2 were awarded a dividend of $0.22. This represents his $0.88 dividend and his 2.54% dividend yield on an annual basis. The ex-dividend date for this dividend was Thursday, December 1. Bank of America’s dividend payout ratio is currently 27.85%.
Bank of America Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individual consumers, small businesses, institutional investors, large corporations and governments around the world. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, interest-free and interest-bearing checking accounts, and investment accounts and products. Direct and indirect loans such as credit cards, debit cards, mortgages, home equity loans, and personal loans for automobiles, recreational vehicles, and consumers.
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