Barrow Hanley Mewhinney & Strauss LLC trimmed its holdings in Bank of America Corp (NYSE:BAC) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 60,991,382 shares of the financial services provider’s stock after selling 1,534,388 shares during the period. Bank of America accounts for approximately 2.3% of Barrow Hanley Mewhinney & Strauss LLC’s holdings, making the stock its 7th largest holding. Barrow Hanley Mewhinney & Strauss LLC owned approximately 0.58% of Bank of America worth $1,545,522,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of BAC. Shelton Capital Management lifted its stake in shares of Bank of America by 1.9% in the 3rd quarter. Shelton Capital Management now owns 361,978 shares of the financial services provider’s stock valued at $9,173,000 after purchasing an additional 6,800 shares in the last quarter. Crestwood Advisors Group LLC lifted its stake in shares of Bank of America by 0.5% in the 3rd quarter. Crestwood Advisors Group LLC now owns 880,614 shares of the financial services provider’s stock valued at $22,315,000 after purchasing an additional 4,064 shares in the last quarter. Orleans Capital Management Corp LA lifted its stake in shares of Bank of America by 57.7% in the 3rd quarter. Orleans Capital Management Corp LA now owns 32,525 shares of the financial services provider’s stock valued at $824,000 after purchasing an additional 11,900 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Bank of America in the 3rd quarter valued at about $1,676,000. Finally, Coastline Trust Co lifted its stake in shares of Bank of America by 25.1% in the 3rd quarter. Coastline Trust Co now owns 47,892 shares of the financial services provider’s stock valued at $1,213,000 after purchasing an additional 9,610 shares in the last quarter. 69.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Bank of America Corp (BAC) opened at $31.12 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $32.67. The stock has a market capitalization of $320,140.00, a P/E ratio of 20.21, a price-to-earnings-growth ratio of 1.54 and a beta of 1.41.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. During the same period in the previous year, the business earned $0.40 EPS. Bank of America’s revenue for the quarter was up 3.5% compared to the same quarter last year. equities analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.
Bank of America announced that its board has initiated a stock repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.54%. Bank of America’s dividend payout ratio is presently 31.17%.
Several research firms have recently weighed in on BAC. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $28.21 price objective on the stock. in a research note on Tuesday. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Royal Bank of Canada lifted their price objective on Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. Morgan Stanley raised their target price on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $29.00 target price (up from $27.00) on shares of Bank of America in a report on Monday, October 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $29.99.
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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.
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