Parnassus Investments LLC Has $1.03 Billion Position in Bank of America Co. (NYSE:BAC)

Parnassus Investments LLC decreased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 37,573,669 shares of the financial services provider’s stock after selling 82,353 shares during the quarter. Bank of America accounts for about 2.5% of Parnassus Investments LLC’s investment portfolio, making the stock its 10th biggest position. Parnassus Investments LLC owned 0.47% of Bank of America worth $1,028,767,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Janney Capital Management LLC grew its stake in Bank of America by 4.6% in the third quarter. Janney Capital Management LLC now owns 327,019 shares of the financial services provider’s stock worth $8,954,000 after purchasing an additional 14,494 shares in the last quarter. Spinnaker Trust grew its stake in Bank of America by 7.1% in the third quarter. Spinnaker Trust now owns 15,022 shares of the financial services provider’s stock worth $411,000 after purchasing an additional 1,000 shares in the last quarter. Heritage Trust Co boosted its position in Bank of America by 1.1% during the 3rd quarter. Heritage Trust Co now owns 79,296 shares of the financial services provider’s stock valued at $2,171,000 after acquiring an additional 844 shares in the last quarter. Spire Wealth Management boosted its position in Bank of America by 0.6% during the 3rd quarter. Spire Wealth Management now owns 80,284 shares of the financial services provider’s stock valued at $2,198,000 after acquiring an additional 481 shares in the last quarter. Finally, Banque Cantonale Vaudoise boosted its position in Bank of America by 11.7% during the 3rd quarter. Banque Cantonale Vaudoise now owns 435,580 shares of the financial services provider’s stock valued at $11,926,000 after acquiring an additional 45,619 shares in the last quarter. Institutional investors own 68.06% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE BAC traded down $0.56 during trading on Monday, reaching $32.91. 6,976,507 shares of the company traded hands, compared to its average volume of 43,168,988. The firm’s fifty day simple moving average is $32.65 and its 200 day simple moving average is $30.07. The stock has a market cap of $260.44 billion, a P/E ratio of 10.90, a PEG ratio of 1.52 and a beta of 1.39. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.00. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same quarter last year, the business posted $0.85 EPS. The company’s revenue was down 10.2% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Co. will post 3.14 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Insider Activity

In other Bank of America news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the company’s stock in a transaction dated Wednesday, December 27th. The shares were purchased at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the transaction, the insider now directly owns 5,398 shares of the company’s stock, valued at $57,002.88. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BAC shares. Jefferies Financial Group dropped their target price on Bank of America from $31.00 to $28.00 in a research report on Tuesday, October 10th. BMO Capital Markets dropped their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and increased their target price for the company from $29.00 to $30.00 in a research report on Monday, November 6th. Finally, Oppenheimer increased their price objective on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.53.

Check Out Our Latest Stock Report on BAC

Bank of America Company Profile

(Free Report)

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.

Further Reading

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

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