CX Institutional Has $83,000 Holdings in Bank of America Corp (NYSE:BAC)

CX Institutional lifted its holdings in shares of Bank of America Corp (NYSE:BAC) by 19.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,850 shares of the financial services provider’s stock after purchasing an additional 459 shares during the period. CX Institutional’s holdings in Bank of America were worth $83,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Salomon & Ludwin LLC raised its stake in Bank of America by 120.6% during the second quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after buying an additional 814 shares during the last quarter. WealthStone Inc. bought a new position in Bank of America during the second quarter worth $49,000. Ellevest Inc. bought a new position in Bank of America during the second quarter worth $60,000. Intercontinental Wealth Advisors LLC raised its stake in Bank of America by 39.2% during the third quarter. Intercontinental Wealth Advisors LLC now owns 2,132 shares of the financial services provider’s stock worth $62,000 after buying an additional 600 shares during the last quarter. Finally, Mackey Komara & Dankovich LLC raised its stake in Bank of America by 57.6% during the second quarter. Mackey Komara & Dankovich LLC now owns 3,484 shares of the financial services provider’s stock worth $65,000 after buying an additional 1,274 shares during the last quarter. Institutional investors own 68.48% of the company’s stock.

BAC opened at $28.91 on Friday. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.17. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The company has a market cap of $259.61 billion, a P/E ratio of 9.96, a price-to-earnings-growth ratio of 1.10 and a beta of 1.60. The company has a fifty day moving average price of $28.44 and a two-hundred day moving average price of $28.72.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. The company had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 earnings per share. On average, research analysts forecast that Bank of America Corp will post 2.82 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.49%. Bank of America’s payout ratio is presently 27.59%.

Bank of America announced that its board has approved a stock repurchase program on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Several equities research analysts have weighed in on BAC shares. Raymond James downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Morgan Stanley decreased their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. DZ Bank raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Monday, June 17th. Finally, Berenberg Bank set a $30.00 price target on shares of Bank of America and gave the company a “hold” rating in a research note on Monday, June 17th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. Bank of America presently has a consensus rating of “Hold” and an average target price of $32.32.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Bank of America Company 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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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