Prudential Financial Inc. Decreases Stake in Bank of America Corporation (BAC)

Prudential Financial Inc. reduced its stake in Bank of America Corporation (NYSE:BAC) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,609,933 shares of the bank’s stock after selling 3,532,740 shares during the period. Bank of America Corporation makes up 1.0% of Prudential Financial Inc.’s portfolio, making the stock its 9th largest holding. Prudential Financial Inc. owned approximately 0.26% of Bank of America Corporation worth $669,817,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Korea Investment CORP grew its stake in shares of Bank of America Corporation by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the bank’s stock worth $1,914,319,000 after buying an additional 390,771 shares in the last quarter. Boston Partners grew its stake in shares of Bank of America Corporation by 0.5% in the 1st quarter. Boston Partners now owns 75,404,921 shares of the bank’s stock worth $1,778,802,000 after buying an additional 368,898 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Bank of America Corporation by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the bank’s stock worth $1,232,414,000 after buying an additional 1,007,405 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Bank of America Corporation by 0.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 33,108,834 shares of the bank’s stock worth $803,221,000 after buying an additional 173,379 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Bank of America Corporation by 1.9% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 30,340,696 shares of the bank’s stock worth $736,065,000 after purchasing an additional 553,349 shares during the period. Institutional investors own 62.34% of the company’s stock.

BAC has been the subject of a number of recent analyst reports. Instinet reaffirmed a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $26.00 price target on shares of Bank of America Corporation in a research note on Thursday, July 20th. Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 11th. Oppenheimer Holdings, Inc. reissued a “buy” rating on shares of Bank of America Corporation in a research report on Friday, October 13th. Finally, Vetr upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating and set a $26.59 price target for the company in a report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company. Bank of America Corporation currently has an average rating of “Buy” and an average target price of C$25.82.

Bank of America Corporation (NYSE:BAC) traded up C$0.01 during trading on Friday, hitting C$26.51. 61,110,000 shares of the company traded hands, compared to its average volume of 65,188,076. Bank of America Corporation has a 1-year low of C$18.63 and a 1-year high of C$27.98. The stock has a market cap of $276,515.47, a price-to-earnings ratio of 15.15, a PEG ratio of 1.84 and a beta of 1.31. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.

Bank of America Corporation (NYSE:BAC) last announced its earnings results on Friday, October 13th. The bank reported C$0.48 earnings per share for the quarter, beating the consensus estimate of C$0.46 by C$0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of C$22.08 billion during the quarter, compared to the consensus estimate of C$22.07 billion. During the same quarter in the previous year, the company posted $0.41 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. research analysts forecast that Bank of America Corporation will post 1.8 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is currently 27.43%.

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Bank of America Corporation Profile

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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