Bank of Nova Scotia Trust Co. lowered its position in shares of Bank of America Corp (NYSE:BAC) by 1.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 182,033 shares of the financial services provider’s stock after selling 2,960 shares during the quarter. Bank of Nova Scotia Trust Co.’s holdings in Bank of America were worth $4,485,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Karp Capital Management Corp acquired a new stake in shares of Bank of America during the 4th quarter valued at approximately $31,000. NewSquare Capital LLC grew its stake in Bank of America by 50.0% during the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock worth $37,000 after buying an additional 500 shares during the last quarter. Intercontinental Wealth Advisors LLC bought a new position in Bank of America during the 4th quarter worth $41,000. Private Ocean LLC grew its stake in Bank of America by 131.9% during the 4th quarter. Private Ocean LLC now owns 1,679 shares of the financial services provider’s stock worth $41,000 after buying an additional 955 shares during the last quarter. Finally, Financial Gravity Companies Inc. bought a new position in Bank of America during the 4th quarter worth $54,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
In other news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is owned by company insiders.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. The firm had revenue of $23 billion during the quarter, compared to the consensus estimate of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 EPS. Research analysts anticipate that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend was Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.
BAC has been the subject of a number of recent research reports. UBS Group set a $33.00 price objective on Bank of America and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Edward Jones raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. Daiwa Capital Markets cut Bank of America from an “outperform” rating to a “market perform” rating in a research note on Friday, February 8th. Jefferies Financial Group increased their price target on Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, January 18th. Finally, Wells Fargo & Co set a $36.00 price target on Bank of America and gave the stock a “buy” rating in a research note on Wednesday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $33.25.
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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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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