Argent Trust Co Has $631,000 Holdings in Bank of America Corporation (BAC)

Argent Trust Co cut its stake in Bank of America Corporation (NYSE:BAC) by 48.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,029 shares of the financial services provider’s stock after selling 24,319 shares during the quarter. Argent Trust Co’s holdings in Bank of America Corporation were worth $631,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America Corporation in the second quarter valued at approximately $100,000. Armbruster Capital Management Inc. increased its position in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in shares of Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares in the last quarter. Tarbox Family Office Inc. increased its position in shares of Bank of America Corporation by 0.4% in the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after buying an additional 21 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of Bank of America Corporation by 47.1% in the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after buying an additional 1,850 shares in the last quarter. 62.19% of the stock is owned by institutional investors.

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Bank of America Corporation (NYSE:BAC) opened at $26.76 on Friday. Bank of America Corporation has a 12 month low of $19.70 and a 12 month high of $27.98. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $279,436.06, a PE ratio of 15.31, a P/E/G ratio of 1.86 and a beta of 1.31.

Bank of America Corporation (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same quarter in the prior year, the company earned $0.41 EPS. Bank of America Corporation’s revenue was up 2.1% on a year-over-year basis. analysts forecast that Bank of America Corporation will post 1.8 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s payout ratio is 27.43%.

A number of research firms have recently commented on BAC. BidaskClub cut Bank of America Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. Robert W. Baird restated a “hold” rating and issued a $24.00 price objective on shares of Bank of America Corporation in a research report on Sunday, October 1st. Deutsche Bank AG restated a “hold” rating and issued a $25.00 price objective (up from $23.00) on shares of Bank of America Corporation in a research report on Tuesday, September 26th. Jefferies Group LLC restated a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 11th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $25.82.

About Bank of America Corporation

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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Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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