Mediolanum International Funds Ltd Reduces Holdings in Bank of America Corporation $BAC

Mediolanum International Funds Ltd lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 11.0% in the second quarter, Holdings Channel.com reports. The firm owned 521,749 shares of the financial services provider’s stock after selling 64,500 shares during the period. Mediolanum International Funds Ltd’s holdings in Bank of America were worth $24,585,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Boston Common Asset Management LLC boosted its position in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the period. Disciplined Investments LLC purchased a new stake in Bank of America in the 2nd quarter worth approximately $217,000. Nicholas Hoffman & Company LLC. boosted its holdings in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock valued at $2,589,000 after purchasing an additional 33,963 shares during the period. Sunbeam Capital Management LLC grew its position in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new position in shares of Bank of America during the 2nd quarter valued at $287,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Phillip Securities raised their target price on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Citigroup increased their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Argus lifted their price objective on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Finally, Ameriprise Financial raised Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

Bank of America Stock Down 1.9%

BAC opened at $51.02 on Friday. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $54.69. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50-day moving average price is $51.74 and its 200-day moving average price is $48.31. The company has a market cap of $372.57 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) 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 business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the company earned $0.81 EPS. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, equities analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is currently 30.52%.

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