Bank of Hawaii cut its stake in shares of Bank of America Co. (NYSE:BAC) by 23.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 18,040 shares of the financial services provider’s stock after selling 5,424 shares during the period. Bank of Hawaii’s holdings in Bank of America were worth $518,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in BAC. Roundview Capital LLC increased its position in shares of Bank of America by 1.5% in the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after purchasing an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P grew its stake in shares of Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,192 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares in the last quarter. First Western Trust Bank purchased a new position in Bank of America in the first quarter valued at $586,000. Finally, Pearl River Capital LLC acquired a new stake in Bank of America in the first quarter valued at $534,000. 68.06% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Price Performance
Shares of BAC opened at $29.54 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.82 and a current ratio of 0.83. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $37.87. The firm has a 50-day simple moving average of $27.38 and a 200-day simple moving average of $28.58. The company has a market capitalization of $233.77 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38.
Bank of America (NYSE:BAC – Get Free Report) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.83 by $0.07. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The firm had revenue of $25.20 billion during the quarter, compared to the consensus estimate of $25.13 billion. During the same period in the prior year, the business earned $0.81 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of America Co. will post 3.46 earnings per share for the current year.
Bank of America Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is presently 26.89%.
Analyst Ratings Changes
Several research analysts have recently issued reports on BAC shares. StockNews.com began coverage on Bank of America in a research report on Thursday, October 5th. They set a “hold” rating for the company. Jefferies Financial Group lowered their price target on Bank of America from $31.00 to $28.00 in a report on Tuesday, October 10th. Wells Fargo & Company cut their price objective on shares of Bank of America from $43.00 to $40.00 and set an “overweight” rating on the stock in a report on Wednesday, August 23rd. Royal Bank of Canada restated an “outperform” rating and set a $35.00 price objective on shares of Bank of America in a research report on Tuesday, September 12th. Finally, HSBC began coverage on shares of Bank of America in a research report on Thursday, September 7th. They issued a “buy” rating and a $35.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.54.
View Our Latest Stock Analysis on BAC
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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