Graham Capital Management L.P. Acquires Shares of 49,500 Bank of America Corp (BAC)

Graham Capital Management L.P. acquired a new stake in Bank of America Corp (NYSE:BAC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 49,500 shares of the financial services provider’s stock, valued at approximately $1,201,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Korea Investment CORP raised its holdings in Bank of America by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after purchasing an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in Bank of America by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after purchasing an additional 1,079,788 shares in the last quarter. Legal & General Group Plc raised its holdings in Bank of America by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after purchasing an additional 1,007,405 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in Bank of America by 0.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 33,108,834 shares of the financial services provider’s stock worth $803,221,000 after purchasing an additional 173,379 shares in the last quarter. Hedge funds and other institutional investors own 68.56% of the company’s stock.

A number of brokerages have commented on BAC. Robert W. Baird reiterated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a report on Sunday, October 1st. Deutsche Bank reiterated a “hold” rating and issued a $25.00 target price (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Royal Bank Of Canada reiterated a “buy” rating and issued a $30.00 target price on shares of Bank of America in a report on Friday. BidaskClub upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, Vetr upgraded shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 target price for the company in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $26.32.

Shares of Bank of America Corp (NYSE:BAC) opened at $29.05 on Monday. The company has a market capitalization of $303,009.22, a P/E ratio of 16.60, a P/E/G ratio of 2.01 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 debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last issued its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. Bank of America’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. equities analysts expect 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. Investors of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.65%. Bank of America’s dividend payout ratio is currently 27.43%.

Bank of America announced that its Board of Directors has approved a share buyback plan 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 buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are 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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