Chesley Taft & Associates LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

by · The Markets Daily

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Chesley Taft & Associates LLC increased its position in Bank of America Co. (NYSE:BAC – Free Report) by 10.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 127,882 shares of the financial services provider’s stock after buying an additional 11,840 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Bank of America were worth $3,501,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. LVW Advisors LLC purchased a new position in Bank of America during the 3rd quarter valued at $494,000. Hall Capital Management Co. Inc. increased its position in Bank of America by 7.3% during the 3rd quarter. Hall Capital Management Co. Inc. now owns 20,345 shares of the financial services provider’s stock valued at $557,000 after purchasing an additional 1,390 shares during the period. Cohen Investment Advisors LLC increased its position in Bank of America by 13.4% during the 3rd quarter. Cohen Investment Advisors LLC now owns 73,215 shares of the financial services provider’s stock valued at $2,005,000 after purchasing an additional 8,664 shares during the period. Carnegie Capital Asset Management LLC increased its position in Bank of America by 1.8% during the 3rd quarter. Carnegie Capital Asset Management LLC now owns 304,994 shares of the financial services provider’s stock valued at $8,351,000 after purchasing an additional 5,482 shares during the period. Finally, Greylin Investment Management Inc increased its position in Bank of America by 0.5% during the 3rd quarter. Greylin Investment Management Inc now owns 253,124 shares of the financial services provider’s stock valued at $6,931,000 after purchasing an additional 1,241 shares during the period. 68.06% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE BAC opened at $33.60 on Monday. The company has a 50-day moving average price of $28.63 and a 200-day moving average price of $28.99. The firm has a market capitalization of $265.90 billion, a P/E ratio of 9.41, a PEG ratio of 1.33 and a beta of 1.40. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $37.00. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.07. The company had revenue of $25.20 billion during the quarter, compared to analyst estimates of $25.13 billion. Bank of America had a net margin of 18.69% and a return on equity of 12.08%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.44 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is 26.89%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Odeon Capital Group upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.94 target price on the stock in a report on Thursday. Evercore ISI dropped their price target on shares of Bank of America from $35.00 to $33.00 in a research note on Thursday, October 5th. Jefferies Financial Group dropped their price target on shares of Bank of America from $31.00 to $28.00 in a research note on Tuesday, October 10th. BMO Capital Markets upped their price target on shares of Bank of America from $39.00 to $40.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 18th. Finally, The Goldman Sachs Group upped their price target on shares of Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, December 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.58.

View Our Latest Research Report on BAC

Insider Buying and Selling

In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 17,769 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $9.94, for a total transaction of $176,623.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is currently owned by insiders.

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.

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