Bank of America Corp (BAC) Stake Decreased by Roanoke Asset Management Corp NY

Roanoke Asset Management Corp NY cut its stake in Bank of America Corp (NYSE:BAC) by 6.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 215,119 shares of the financial services provider’s stock after selling 15,945 shares during the quarter. Bank of America makes up approximately 2.6% of Roanoke Asset Management Corp NY’s investment portfolio, making the stock its 9th largest holding. Roanoke Asset Management Corp NY’s holdings in Bank of America were worth $5,451,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Bainco International Investors boosted its stake in shares of Bank of America by 3.2% in the 3rd quarter. Bainco International Investors now owns 256,289 shares of the financial services provider’s stock valued at $6,494,000 after purchasing an additional 7,995 shares in the last quarter. Seminole Management Co. Inc. boosted its stake in shares of Bank of America by 11.7% in the 3rd quarter. Seminole Management Co. Inc. now owns 2,054,830 shares of the financial services provider’s stock valued at $52,069,000 after purchasing an additional 214,730 shares in the last quarter. Cadence Bank NA boosted its stake in shares of Bank of America by 16.1% in the 3rd quarter. Cadence Bank NA now owns 14,370 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 1,988 shares in the last quarter. Enterprise Financial Services Corp boosted its stake in shares of Bank of America by 16.3% in the 3rd quarter. Enterprise Financial Services Corp now owns 21,878 shares of the financial services provider’s stock valued at $554,000 after purchasing an additional 3,070 shares in the last quarter. Finally, Bollard Group LLC boosted its stake in shares of Bank of America by 4.3% in the 3rd quarter. Bollard Group LLC now owns 156,705 shares of the financial services provider’s stock valued at $3,971,000 after purchasing an additional 6,470 shares in the last quarter. 68.43% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently commented on the stock. Vetr lowered shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target for the company. in a report on Wednesday. Robert W. Baird reiterated a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a research note on Sunday, October 1st. Deutsche Bank reiterated a “hold” rating and issued a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. BMO Capital Markets reiterated a “hold” rating and issued a $31.00 price objective on shares of Bank of America in a research note on Monday, January 8th. Finally, Societe Generale lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $29.14.

Shares of Bank of America Corp (NYSE:BAC) opened at $31.19 on Friday. The stock has a market capitalization of $319,802.50, a P/E ratio of 17.82, a price-to-earnings-growth ratio of 1.67 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America Corp has a 52 week low of $22.01 and a 52 week high of $31.20.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. equities analysts expect that Bank of America Corp will post 1.79 EPS for the current year.

Bank of America announced that its board has approved a stock repurchase program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. Bank of America’s dividend payout ratio (DPR) is 27.43%.

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Bank of America Profile

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.

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

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