Rhumbline Advisers Cuts Stock Holdings in Bank of America Corporation $BAC

Rhumbline Advisers lowered its stake in shares of Bank of America Corporation (NYSE:BAC) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,128,459 shares of the financial services provider’s stock after selling 153,974 shares during the quarter. Bank of America accounts for 0.5% of Rhumbline Advisers’ investment portfolio, making the stock its 23rd largest holding. Rhumbline Advisers owned 0.16% of Bank of America worth $573,919,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of Bank of America by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after acquiring an additional 403,652 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Amundi boosted its holdings in Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Bank of America by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Bank of America by 5.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock worth $783,759,000 after purchasing an additional 894,027 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on BAC. Wells Fargo & Company lifted their target price on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. TD Cowen boosted their price objective on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Finally, Piper Sandler upped their price objective on Bank of America from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Price Performance

Shares of NYSE BAC opened at $51.54 on Friday. 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 stock has a fifty day simple moving average of $51.76 and a two-hundred day simple moving average of $48.38. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69. The firm has a market cap of $376.37 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34.

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

Bank of America Dividend Announcement

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

About Bank of America

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.