Pzena Investment Management LLC Reduces Stock Position in Bank of America Corp (NYSE:BAC)

Pzena Investment Management LLC lowered its position in shares of Bank of America Corp (NYSE:BAC) by 0.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 14,704,525 shares of the financial services provider’s stock after selling 137,639 shares during the quarter. Bank of America accounts for about 2.2% of Pzena Investment Management LLC’s holdings, making the stock its 14th biggest holding. Pzena Investment Management LLC’s holdings in Bank of America were worth $426,431,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BAC. Squar Milner Financial Services LLC lifted its holdings in Bank of America by 1.3% during the first quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock valued at $737,000 after purchasing an additional 348 shares in the last quarter. Barber Financial Group Inc. boosted its stake in Bank of America by 2.1% during the first quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock worth $473,000 after buying an additional 360 shares during the period. Rowland & Co. Investment Counsel ADV boosted its stake in Bank of America by 9.7% during the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after buying an additional 360 shares during the period. Kistler Tiffany Companies LLC boosted its stake in shares of Bank of America by 2.4% during the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock valued at $456,000 after purchasing an additional 365 shares during the period. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its stake in Bank of America by 2.0% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 368 shares during the period. 69.50% of the stock is owned by institutional investors and hedge funds.

Bank of America stock traded up $0.76 during trading hours on Friday, reaching $27.01. The stock had a trading volume of 40,375,191 shares, compared to its average volume of 57,940,864. The company has a market cap of $258.03 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 1.09 and a beta of 1.54. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. The business’s 50 day moving average price is $29.17 and its 200-day moving average price is $28.88. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Corp will post 2.83 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock buyback program on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend is Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is 22.99%.

BAC has been the subject of a number of research reports. Atlantic Securities lowered shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a research note on Tuesday, April 30th. BMO Capital Markets raised shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research note on Monday, June 17th. Berenberg Bank set a $30.00 price objective on shares of Bank of America and gave the stock a “hold” rating in a research note on Monday, June 17th. Morgan Stanley set a $31.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.89.

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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