Factory Mutual Insurance Co. decreased its position in shares of Bank of America Corp (NYSE:BAC) by 4.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,206,662 shares of the financial services provider’s stock after selling 158,300 shares during the quarter. Bank of America makes up approximately 1.4% of Factory Mutual Insurance Co.’s portfolio, making the stock its 14th largest position. Factory Mutual Insurance Co.’s holdings in Bank of America were worth $93,537,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Garrett Wealth Advisory Group LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth $25,000. Larson Financial Group LLC grew its holdings in shares of Bank of America by 195.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 880 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Bank of America by 120.6% during the 2nd quarter. Salomon & Ludwin LLC now owns 1,489 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 814 shares in the last quarter. WealthStone Inc. acquired a new stake in shares of Bank of America during the 2nd quarter worth $49,000. Finally, Ellevest Inc. acquired a new stake in shares of Bank of America during the 2nd quarter worth $60,000. Hedge funds and other institutional investors own 68.48% of the company’s stock.
In other news, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the sale, the insider now directly owns 43,744 shares of the company’s stock, valued at $1,322,381.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.07. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The firm had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same period last year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corp will post 2.87 EPS for the current fiscal year.
Bank of America declared that its Board of Directors has initiated a share buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.30%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Several analysts have recently issued reports on BAC shares. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a report on Friday, August 16th. JPMorgan Chase & Co. reduced their target price on Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Raymond James lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Thursday, August 29th. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Co set a $34.00 target price on Bank of America and gave the stock a “buy” rating in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $32.39.
Bank of America 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.
Further Reading: Rule of 72
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