Johnson Financial Group Inc. Lowers Position in Bank of America Corporation $BAC

Johnson Financial Group Inc. decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 42.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,191 shares of the financial services provider’s stock after selling 9,796 shares during the period. Johnson Financial Group Inc.’s holdings in Bank of America were worth $624,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of BAC. Boston Common Asset Management LLC raised its stake in shares of Bank of America by 10.5% during the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the period. Disciplined Investments LLC purchased a new stake in Bank of America in the second quarter worth $217,000. Nicholas Hoffman & Company LLC. grew its stake in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after acquiring an additional 33,963 shares during the period. Sunbeam Capital Management LLC raised its stake in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after acquiring an additional 439 shares during the period. Finally, CCG Wealth Management LLC bought a new position in Bank of America during the second quarter worth about $287,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC opened at $53.01 on Friday. The stock’s 50-day simple moving average is $51.87 and its two-hundred day simple moving average is $48.69. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. The firm has a market capitalization of $387.07 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $0.81 EPS. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

Analyst Ratings Changes

Several research firms recently commented on BAC. Oppenheimer cut their price objective on shares of Bank of America from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. HSBC lifted their price target on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Ameriprise Financial upgraded Bank of America to a “buy” rating in a research note on Wednesday, October 22nd. Robert W. Baird raised their target price on Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Finally, Daiwa Capital Markets lifted their target price on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.77.

Bank of America Company 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.