Primecap Management Co. CA Sells 7,236,400 Shares of Bank of America Corporation $BAC

Primecap Management Co. CA reduced its position in Bank of America Corporation (NYSE:BAC) by 72.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,686,532 shares of the financial services provider’s stock after selling 7,236,400 shares during the period. Primecap Management Co. CA’s holdings in Bank of America were worth $127,127,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in BAC. Brighton Jones LLC boosted its stake in Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the last quarter. Northern Financial Advisors Inc lifted its stake in shares of Bank of America by 1.8% in the 1st quarter. Northern Financial Advisors Inc now owns 14,383 shares of the financial services provider’s stock valued at $600,000 after purchasing an additional 252 shares during the period. PFG Advisors boosted its position in shares of Bank of America by 3.8% in the 1st quarter. PFG Advisors now owns 24,413 shares of the financial services provider’s stock worth $1,019,000 after purchasing an additional 888 shares during the last quarter. Proficio Capital Partners LLC grew its stake in shares of Bank of America by 6.0% during the first quarter. Proficio Capital Partners LLC now owns 21,465 shares of the financial services provider’s stock worth $896,000 after purchasing an additional 1,213 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in Bank of America by 4.9% in the first quarter. Venturi Wealth Management LLC now owns 27,942 shares of the financial services provider’s stock valued at $1,166,000 after purchasing an additional 1,299 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Barclays raised their target price on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Wolfe Research lifted their price objective on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Bank of America in a report on Thursday, November 6th. Phillip Securities upped their target price on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Finally, Morgan Stanley lifted their price target on shares of Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Stock Performance

BAC opened at $52.04 on Thursday. The company has a market capitalization of $379.99 billion, a price-to-earnings ratio of 14.18, a P/E/G ratio of 1.99 and a beta of 1.34. The business’s 50-day moving average price is $51.73 and its two-hundred day moving average price is $48.29. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has authorized a share repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.