Voya Investment Management LLC Has $189.50 Million Holdings in Bank of America Corp (BAC)

Voya Investment Management LLC decreased its position in Bank of America Corp (NYSE:BAC) by 53.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,811,387 shares of the financial services provider’s stock after selling 9,122,922 shares during the quarter. Voya Investment Management LLC owned approximately 0.07% of Bank of America worth $189,504,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the second quarter valued at about $100,000. Chicago Partners Investment Group LLC increased its position in shares of Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the period. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of Bank of America by 47.1% during the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after buying an additional 1,850 shares during the period. Lenox Wealth Advisors Inc. purchased a new position in shares of Bank of America during the second quarter valued at about $144,000. Finally, Jacobi Capital Management LLC increased its position in shares of Bank of America by 21.0% during the first quarter. Jacobi Capital Management LLC now owns 6,347 shares of the financial services provider’s stock valued at $147,000 after buying an additional 1,101 shares during the period. Hedge funds and other institutional investors own 68.28% of the company’s stock.

Several equities analysts recently issued reports on BAC shares. Jefferies Group reiterated a “buy” rating and set a $28.00 price target on shares of Bank of America in a research report on Friday, August 11th. Vetr upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.29 price target on the stock in a research report on Monday, August 21st. Robert W. Baird reiterated a “hold” rating and set a $24.00 price target on shares of Bank of America in a research report on Friday, August 25th. BidaskClub cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Finally, Deutsche Bank reiterated a “hold” rating and set a $25.00 price target (up previously from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have given a strong buy rating to the company’s stock. Bank of America presently has an average rating of “Buy” and a consensus target price of $26.32.

Bank of America Corp (NYSE:BAC) opened at $29.05 on Friday. The stock has a market cap of $300,192.97, a P/E ratio of 16.45, a PEG ratio of 1.99 and a beta of 1.31. Bank of America Corp has a 52 week low of $21.77 and a 52 week high of $29.31. 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 (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. research analysts forecast that Bank of America Corp will post 1.81 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.65%. Bank of America’s dividend payout ratio is presently 27.43%.

Bank of America declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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About Bank of America

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 (NYSE:BAC)

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