Tweedy Browne Co LLC trimmed its stake in Bank of America Co. (NYSE:BAC) by 3.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 526,361 shares of the financial services provider’s stock after selling 20,000 shares during the period. Bank of America makes up 0.8% of Tweedy Browne Co LLC’s investment portfolio, making the stock its 20th largest holding. Tweedy Browne Co LLC’s holdings in Bank of America were worth $14,412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Mizuho Markets Americas LLC purchased a new position in Bank of America during the 3rd quarter worth $17,751,000. Heritage Investors Management Corp grew its position in Bank of America by 3.4% during the 3rd quarter. Heritage Investors Management Corp now owns 767,933 shares of the financial services provider’s stock worth $21,026,000 after purchasing an additional 25,336 shares during the last quarter. Atomi Financial Group Inc. grew its position in Bank of America by 3.5% during the 3rd quarter. Atomi Financial Group Inc. now owns 71,163 shares of the financial services provider’s stock worth $1,948,000 after purchasing an additional 2,434 shares during the last quarter. Jackson Hole Capital Partners LLC grew its position in Bank of America by 2.2% during the 3rd quarter. Jackson Hole Capital Partners LLC now owns 40,160 shares of the financial services provider’s stock worth $1,100,000 after purchasing an additional 850 shares during the last quarter. Finally, Rollins Financial grew its position in Bank of America by 48.3% during the 3rd quarter. Rollins Financial now owns 392,921 shares of the financial services provider’s stock worth $10,758,000 after purchasing an additional 128,009 shares during the last quarter. 68.06% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research analysts have issued reports on the stock. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. BMO Capital Markets reduced their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Keefe, Bruyette & Woods upgraded shares of Bank of America from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $29.00 to $30.00 in a research note on Monday, November 6th. Finally, The Goldman Sachs Group raised their target price on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $35.53.
Check Out Our Latest Stock Analysis on Bank of America
Bank of America Price Performance
NYSE:BAC traded up $0.32 during mid-day trading on Wednesday, hitting $33.07. 17,076,927 shares of the company’s stock traded hands, compared to its average volume of 41,909,473. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50 day simple moving average is $33.04 and its 200 day simple moving average is $30.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $35.66. The company has a market cap of $261.71 billion, a PE ratio of 10.76, a price-to-earnings-growth ratio of 1.53 and a beta of 1.39.
Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period last year, the firm posted $0.85 EPS. Sell-side analysts expect that Bank of America Co. will post 3.14 EPS for the current year.
Bank of America Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.90%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.
Insider Activity at Bank of America
In related news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the stock in a transaction that occurred on Wednesday, December 27th. The stock was purchased at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the completion of the acquisition, the insider now owns 5,398 shares in the company, valued at $57,002.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is owned by insiders.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
Further Reading
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC – Free Report).
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