Artemis Investment Management LLP cut its position in shares of Bank of America Corp (NYSE:BAC) by 45.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,647,836 shares of the financial services provider’s stock after selling 1,363,381 shares during the quarter. Artemis Investment Management LLP’s holdings in Bank of America were worth $47,995,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Daily Journal Corp boosted its position in shares of Bank of America by 9,900.0% during the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after purchasing an additional 227,700,000 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in Bank of America by 1,905.2% in the second quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock worth $1,741,604,000 after acquiring an additional 57,060,331 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Bank of America by 35.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock worth $2,165,116,000 after acquiring an additional 19,688,816 shares in the last quarter. Great West Life Assurance Co. Can bought a new stake in Bank of America in the second quarter worth $239,996,000. Finally, APG Asset Management N.V. boosted its holdings in Bank of America by 15.4% in the second quarter. APG Asset Management N.V. now owns 27,064,355 shares of the financial services provider’s stock worth $689,205,000 after acquiring an additional 3,609,300 shares in the last quarter. Institutional investors own 68.48% of the company’s stock.
Bank of America stock traded up $0.60 during midday trading on Thursday, reaching $28.49. 30,059,419 shares of the stock traded hands, compared to its average volume of 58,074,156. The stock’s fifty day moving average is $28.37 and its 200-day moving average is $28.70. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.17. The stock has a market cap of $265.66 billion, a P/E ratio of 10.92, a PEG ratio of 1.14 and a beta of 1.60. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities analysts predict that Bank of America Corp will post 2.71 EPS for the current fiscal year.
Bank of America announced that its Board of Directors has authorized a stock repurchase 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 repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.53%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, September 5th. Bank of America’s dividend payout ratio is presently 27.59%.
In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.17% of the company’s stock.
Several equities research analysts have commented on BAC shares. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, July 10th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price on the stock in a report on Monday, June 17th. JPMorgan Chase & Co. decreased their price target on Bank of America from $31.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday. Berenberg Bank set a $30.00 price target on Bank of America and gave the stock a “hold” rating in a research note on Monday, June 17th. Finally, DZ Bank upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $32.32.
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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