Bank of America Corporation (NYSE:BAC) is Convergence Investment Partners LLC’s 7th Largest Position

Convergence Investment Partners LLC lessened its position in Bank of America Corporation (NYSE:BAC) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 282,882 shares of the financial services provider’s stock after selling 18,522 shares during the quarter. Bank of America Corporation accounts for approximately 1.0% of Convergence Investment Partners LLC’s portfolio, making the stock its 7th largest holding. Convergence Investment Partners LLC’s holdings in Bank of America Corporation were worth $6,863,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Pitcairn Co. lifted its holdings in Bank of America Corporation by 16.6% in the second quarter. Pitcairn Co. now owns 139,467 shares of the financial services provider’s stock worth $3,383,000 after buying an additional 19,818 shares during the period. Bourgeon Capital Management LLC bought a new stake in shares of Bank of America Corporation during the second quarter valued at approximately $412,000. UMB Bank N A MO increased its position in shares of Bank of America Corporation by 81.0% during the second quarter. UMB Bank N A MO now owns 70,062 shares of the financial services provider’s stock valued at $1,700,000 after acquiring an additional 31,361 shares in the last quarter. Macguire Cheswick & Tuttle Investment Counsel LLC increased its position in shares of Bank of America Corporation by 6.9% during the second quarter. Macguire Cheswick & Tuttle Investment Counsel LLC now owns 71,388 shares of the financial services provider’s stock valued at $1,732,000 after acquiring an additional 4,625 shares in the last quarter. Finally, Abbrea Capital LLC grew its position in Bank of America Corporation by 2.2% in the 2nd quarter. Abbrea Capital LLC now owns 60,549 shares of the financial services provider’s stock worth $1,469,000 after purchasing an additional 1,290 shares during the period. 61.53% of the stock is currently owned by hedge funds and other institutional investors.

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A number of research analysts recently weighed in on BAC shares. BMO Capital Markets restated a “market perform” rating and set a $29.00 target price (up previously from $27.00) on shares of Bank of America Corporation in a research note on Monday, October 16th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. UBS AG set a $27.00 target price on shares of Bank of America Corporation and gave the stock a “hold” rating in a report on Monday, October 16th. Finally, Vetr upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 price target on the stock in a report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $25.47.

Shares of Bank of America Corporation (NYSE BAC) traded up 0.523% during midday trading on Friday, hitting $27.885. 21,898,024 shares of the company were exchanged. The company’s 50 day moving average price is $25.38 and its 200 day moving average price is $24.13. The firm has a market cap of $293.25 billion, a P/E ratio of 15.962 and a beta of 1.25. Bank of America Corporation has a one year low of $16.28 and a one year high of $27.92.

Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.41 EPS. Equities analysts expect that Bank of America Corporation will post $1.82 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is presently 27.43%.

In related news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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