Bank of America Co. (NYSE:BAC) Shares Sold by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL lowered its stake in shares of Bank of America Co. (NYSE:BAC) by 2.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 842,023 shares of the financial services provider’s stock after selling 23,555 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Bank of America were worth $23,055,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Marquette Asset Management LLC boosted its position in Bank of America by 333.2% during the 2nd quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 733 shares during the period. Glass Jacobson Investment Advisors llc boosted its position in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. Castleview Partners LLC acquired a new position in Bank of America during the 1st quarter worth $28,000. Strategic Investment Solutions Inc. IL acquired a new position in Bank of America during the 1st quarter worth $34,000. Finally, Live Oak Investment Partners acquired a new position in Bank of America during the 4th quarter worth $39,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the business’s stock in a transaction that occurred on Wednesday, December 27th. The stock was acquired at an average price 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.27% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. The Goldman Sachs Group boosted their price objective on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. Oppenheimer boosted their target price on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and upped their price target for the company from $29.00 to $30.00 in a research report on Monday, November 6th. Barclays upped their price target 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. Finally, Jefferies Financial Group dropped their price target on Bank of America from $31.00 to $28.00 in a research report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.53.

Read Our Latest Analysis on BAC

Bank of America Stock Performance

BAC opened at $32.95 on Tuesday. The company has a market cap of $260.76 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.52 and a beta of 1.39. The stock has a 50-day moving average of $32.72 and a 200-day moving average of $30.08. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $37.00. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

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

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.91%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

About Bank of America

(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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