Old West Investment Management LLC raised its holdings in shares of Bank of America Corp (NYSE:BAC) by 77.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 124,872 shares of the financial services provider’s stock after acquiring an additional 54,531 shares during the quarter. Bank of America makes up 1.6% of Old West Investment Management LLC’s portfolio, making the stock its 23rd largest holding. Old West Investment Management LLC’s holdings in Bank of America were worth $3,029,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Bank of America during the 2nd quarter valued at $1,017,000. Northwest Investment Counselors LLC bought a new stake in Bank of America in the 2nd quarter valued at $100,000. Chicago Partners Investment Group LLC increased its holdings in Bank of America by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 450 shares during the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its holdings in Bank of America by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after acquiring an additional 1,850 shares during the last quarter. Finally, Lenox Wealth Advisors Inc. bought a new stake in Bank of America in the 2nd quarter valued at $144,000. Institutional investors and hedge funds own 68.28% of the company’s stock.
BAC has been the topic of a number of research reports. J P Morgan Chase & Co lifted their price target on shares of Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Vetr upgraded shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 target price on the stock in a report on Tuesday, November 7th. Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a report on Friday, August 25th. UBS set a $27.00 target price on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, October 16th. Finally, Credit Suisse Group restated an “outperform” rating on shares of Bank of America in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have issued a strong buy rating to the company’s stock. Bank of America presently has an average rating of “Buy” and an average price target of $26.25.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business 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 business posted $0.41 EPS. Bank of America’s revenue for the quarter was up 2.1% compared to the same quarter last year. analysts forecast that Bank of America Corp will post 1.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.66%. Bank of America’s payout ratio is 27.43%.
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About Bank of America
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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