Becker Capital Management Inc. Buys 8,749 Shares of Bank of America Co. (NYSE:BAC)

Becker Capital Management Inc. grew its stake in shares of Bank of America Co. (NYSE:BAC) by 1.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 896,030 shares of the financial services provider’s stock after buying an additional 8,749 shares during the period. Bank of America makes up 1.6% of Becker Capital Management Inc.’s portfolio, making the stock its 12th biggest position. Becker Capital Management Inc.’s holdings in Bank of America were worth $38,036,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Newton One Investments LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $29,000. Cowen Prime Advisors LLC bought a new position in shares of Bank of America during the 2nd quarter valued at about $31,000. PrairieView Partners LLC lifted its holdings in shares of Bank of America by 162.5% during the 3rd quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 450 shares in the last quarter. Elmwood Wealth Management Inc. lifted its holdings in shares of Bank of America by 138.9% during the 2nd quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Finally, Mascoma Wealth Management LLC bought a new position in shares of Bank of America during the 3rd quarter valued at about $36,000. Hedge funds and other institutional investors own 70.67% of the company’s stock.

Several equities analysts have recently weighed in on BAC shares. Barclays lifted their price objective on Bank of America from $45.00 to $49.00 and gave the company an “overweight” rating in a report on Friday, October 15th. Royal Bank of Canada boosted their target price on Bank of America from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, October 15th. Wolfe Research cut Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 target price on the stock. in a research note on Wednesday, October 13th. Odeon Capital Group upgraded Bank of America from a “hold” rating to a “buy” rating and set a $46.50 target price on the stock in a research note on Monday, September 13th. Finally, Morgan Stanley boosted their target price on Bank of America from $38.00 to $42.00 and gave the company an “underweight” rating in a research note on Thursday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $44.04.

Shares of BAC stock traded up $0.13 during trading on Thursday, reaching $47.63. 40,059,953 shares of the company’s stock were exchanged, compared to its average volume of 48,298,340. The company has a quick ratio of 0.73, a current ratio of 0.74 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $389.81 billion, a PE ratio of 14.30, a PEG ratio of 1.86 and a beta of 1.53. Bank of America Co. has a twelve month low of $28.10 and a twelve month high of $48.69. The firm’s fifty day moving average price is $45.21 and its 200-day moving average price is $42.33.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.14. The business had revenue of $22.77 billion for the quarter, compared to analyst estimates of $21.60 billion. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The firm’s revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 EPS. As a group, analysts anticipate that Bank of America Co. will post 3.49 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Friday, December 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, December 2nd. This represents a $0.84 annualized dividend and a yield of 1.76%. Bank of America’s dividend payout ratio (DPR) is presently 25.23%.

In related news, insider Dean C. Athanasia sold 108,478 shares of the business’s stock in a transaction on Friday, October 15th. The stock was sold at an average price of $45.77, for a total value of $4,965,038.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank P. Bramble sold 2,200 shares of the company’s stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $48.22, for a total value of $106,084.00. The disclosure for this sale can be found here. Insiders own 0.22% of the company’s stock.

About Bank of America

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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

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