Letko Brosseau & Associates Inc. lowered its position in shares of Bank of America Corp (NYSE:BAC) by 3.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,039,601 shares of the financial services provider’s stock after selling 124,470 shares during the quarter. Bank of America accounts for approximately 1.2% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 28th largest position. Letko Brosseau & Associates Inc.’s holdings in Bank of America were worth $117,148,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. CNB Bank boosted its stake in Bank of America by 188.4% during the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after buying an additional 620 shares in the last quarter. Paragon Capital Management LLC bought a new position in Bank of America during the first quarter valued at about $33,000. Camarda Financial Advisors LLC boosted its stake in Bank of America by 167.2% during the first quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock valued at $47,000 after buying an additional 1,067 shares in the last quarter. Nalls Sherbakoff Group LLC bought a new position in Bank of America during the fourth quarter valued at about $48,000. Finally, First Financial Corp IN boosted its stake in Bank of America by 77.9% during the first quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock valued at $63,000 after buying an additional 1,000 shares in the last quarter. 69.50% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on the company. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a report on Wednesday, July 10th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and upped their target price for the company from $32.00 to $36.00 in a report on Friday, July 26th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Finally, Morgan Stanley set a $31.00 target price on Bank of America and gave the company a “buy” rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. Bank of America currently has a consensus rating of “Hold” and an average target price of $32.89.
Shares of NYSE BAC traded down $0.07 during mid-day trading on Thursday, hitting $26.36. 39,543,886 shares of the company traded hands, compared to its average volume of 57,185,536. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.49. The firm has a market cap of $257.28 billion, a PE ratio of 10.10, a price-to-earnings-growth ratio of 1.09 and a beta of 1.54. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The business’s 50 day moving average is $29.20.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 EPS. As a group, equities analysts expect that Bank of America Corp will post 2.83 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a $0.18 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 2.73%. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio is currently 22.99%.
Bank of America announced that its Board of Directors has initiated a stock repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Bank of America Profile
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
Read More: What are the FAANG Stocks?
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.