Brio Consultants LLC cut its holdings in Bank of America Co. (NYSE:BAC) by 40.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,099 shares of the financial services provider’s stock after selling 4,901 shares during the quarter. Brio Consultants LLC’s holdings in Bank of America were worth $219,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter worth about $3,938,246,000. Snider Financial Group increased its stake in shares of Bank of America by 9,477.3% during the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after acquiring an additional 14,297,496 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Bank of America by 3,474.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 11,658,881 shares of the financial services provider’s stock worth $480,579,000 after buying an additional 11,332,721 shares during the period. Capital Research Global Investors acquired a new position in Bank of America during the first quarter worth about $395,481,000. Finally, Vanguard Group Inc. grew its position in Bank of America by 0.9% during the first quarter. Vanguard Group Inc. now owns 591,207,087 shares of the financial services provider’s stock worth $24,369,557,000 after buying an additional 5,015,041 shares during the period. 68.48% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts have weighed in on BAC shares. Jefferies Financial Group lowered their target price on shares of Bank of America from $43.00 to $33.00 in a research report on Monday, July 11th. Morgan Stanley lowered their target price on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 12th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 target price on the stock in a research report on Monday, July 11th. Barclays lowered their target price on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 19th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, September 12th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.58.
Bank of America Price Performance
Bank of America (NYSE:BAC – Get Rating) last released its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The business had revenue of $22.69 billion during the quarter, compared to analyst estimates of $22.79 billion. During the same period in the previous year, the company earned $1.03 EPS. Bank of America’s revenue was up 5.7% on a year-over-year basis. As a group, analysts predict that Bank of America Co. will post 3.2 EPS for the current year.
Bank of America Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $0.88 annualized dividend and a dividend yield of 2.71%. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s dividend payout ratio is presently 27.50%.
About Bank of America
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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