North Star Asset Management Inc. Takes Position in Bank of America Corp (BAC)

North Star Asset Management Inc. purchased a new stake in shares of Bank of America Corp (NYSE:BAC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 6,884 shares of the financial services provider’s stock, valued at approximately $203,000.

A number of other hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP grew its stake in shares of Bank of America by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after acquiring an additional 8,925,474 shares in the last quarter. Lansdowne Partners UK LLP grew its stake in shares of Bank of America by 3.0% in the 2nd quarter. Lansdowne Partners UK LLP now owns 32,953,489 shares of the financial services provider’s stock worth $928,965,000 after acquiring an additional 954,047 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Bank of America by 7.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock worth $890,740,000 after acquiring an additional 2,057,669 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Bank of America by 74.9% in the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock worth $779,654,000 after acquiring an additional 11,842,467 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Bank of America by 5.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 26,618,462 shares of the financial services provider’s stock worth $750,376,000 after acquiring an additional 1,460,474 shares in the last quarter. Institutional investors and hedge funds own 65.12% of the company’s stock.

NYSE:BAC opened at $26.78 on Wednesday. The company has a market cap of $270.33 billion, a PE ratio of 14.63, a P/E/G ratio of 1.30 and a beta of 1.30. Bank of America Corp has a fifty-two week low of $25.81 and a fifty-two week high of $33.05. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The firm had revenue of $22.78 billion during the quarter, compared to analyst estimates of $22.63 billion. During the same quarter in the prior year, the firm posted $0.48 earnings per share. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Corp will post 2.55 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s payout ratio is 32.79%.

BAC has been the subject of several recent analyst reports. Wolfe Research initiated coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. BMO Capital Markets upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $34.19.

In related news, insider Catherine P. Bessant sold 15,820 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the completion of the sale, the insider now owns 483,680 shares of the company’s stock, valued at $15,289,124.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.10% of the company’s stock.

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.

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

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