Bank of America (BAC) Sees Shifts in Institutional Ownership Following Q3
Recent SEC filings show institutional investors adjusting their Bank of America positions, as the lender maintains a consensus Moderate Buy rating despite missing recent quarterly estimates.
Institutional investors recently adjusted their stakes in Bank of America Corporation, according to their third-quarter regulatory filings. Maryland State Retirement & Pension System expanded its position by 11.3%, purchasing 40,271 shares to hold 396,626 shares worth $21,588,000. Ritholtz Wealth Management lifted its stake by 4.7% through the addition of 12,645 shares, bringing its total to 281,594 shares valued at $15,327,000. Jacobi Capital Management LLC also grew its holdings by 7.0%, adding 12,096 shares to end with 185,185 shares worth $10,080,000.
Other investment managers elected to reduce their exposure during the period. Pavion Blue Capital LLC lowered its stake by 5.7%, selling 10,470 shares to retain 173,559 shares valued at $9,447,000. Similarly, UNIVEST FINANCIAL Corp decreased its holding by 6.4%, offloading 10,020 shares and closing the quarter with 145,408 shares worth $7,915,000. Overall, institutional investors and hedge funds control 70.71% of the lender's common stock.
The portfolio revisions follow the company's financial results reported on Wednesday, October 14th. Bank of America posted quarterly earnings per share of $1.08, falling short of the $1.10 consensus estimate. Quarterly revenue totaled $29.96 billion against expectations of $30.58 billion, though the top line rose 3.2% compared to the prior-year period. The financial services provider reported a net margin of 16.80% and a return on equity of 12.15%, while sell-side analysts project full-year earnings of 4.51 per share.
Alongside its earnings, Bank of America declared a quarterly dividend of $0.32 per share, representing an annualized payout of $1.28 and a yield of 2.5%. The payment is scheduled for Thursday, December 24th, for shareholders of record as of Friday, December 4th. The company's dividend payout ratio currently stands at 30.40%.
On Thursday, shares of Bank of America opened at $50.67, with a market capitalization of $349.61 billion and a 52-week trading range of $46.12 to $65.22. Across Wall Street, the stock carries an average Moderate Buy consensus according to MarketBeat, with one analyst rating it Strong Buy, 18 issuing Buy ratings, and six recommending Hold, yielding an average target price of $62.48.