Bank of America Co. (NYSE:BAC) Shares Sold by Tiaa Fsb

Tiaa Fsb reduced its stake in Bank of America Co. (NYSE:BAC) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,096,195 shares of the financial services provider’s stock after selling 16,919 shares during the quarter. Tiaa Fsb’s holdings in Bank of America were worth $46,534,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Macquarie Group Ltd. increased its stake in Bank of America by 58.0% during the 2nd quarter. Macquarie Group Ltd. now owns 2,559,970 shares of the financial services provider’s stock worth $105,547,000 after buying an additional 939,511 shares during the period. Arden Trust Co increased its stake in Bank of America by 12.5% during the 2nd quarter. Arden Trust Co now owns 93,322 shares of the financial services provider’s stock worth $3,847,000 after buying an additional 10,343 shares during the period. Galvin Gaustad & Stein LLC increased its stake in Bank of America by 2.0% during the 2nd quarter. Galvin Gaustad & Stein LLC now owns 168,175 shares of the financial services provider’s stock worth $6,934,000 after buying an additional 3,275 shares during the period. NEXT Financial Group Inc increased its stake in Bank of America by 15.6% during the 2nd quarter. NEXT Financial Group Inc now owns 65,919 shares of the financial services provider’s stock worth $2,718,000 after buying an additional 8,905 shares during the period. Finally, Moody Lynn & Lieberson LLC increased its stake in Bank of America by 1.2% during the 2nd quarter. Moody Lynn & Lieberson LLC now owns 541,994 shares of the financial services provider’s stock worth $22,346,000 after buying an additional 6,624 shares during the period. Hedge funds and other institutional investors own 70.67% of the company’s stock.

Several equities research analysts recently weighed in on the stock. Robert W. Baird downgraded shares of Bank of America from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $47.17 to $42.00 in a research note on Monday, November 1st. They noted that the move was a valuation call. Barclays increased their price objective on shares of Bank of America from $45.00 to $49.00 and gave the company an “overweight” rating in a research report on Friday, October 15th. Odeon Capital Group raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $46.50 price objective on the stock in a research report on Monday, September 13th. Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 price objective on the stock. in a research report on Wednesday, October 13th. Finally, Evercore ISI upped their target price on shares of Bank of America from $43.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, October 15th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $44.04.

In other Bank of America news, insider Dean C. Athanasia sold 108,478 shares of the company’s stock in a transaction dated Friday, October 15th. The shares were sold at an average price of $45.77, for a total value of $4,965,038.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank P. Bramble sold 2,200 shares of the company’s stock in a transaction dated Tuesday, November 2nd. The shares were sold at an average price of $48.22, for a total transaction of $106,084.00. The disclosure for this sale can be found here. Insiders own 0.22% of the company’s stock.

BAC stock traded up $0.13 during midday trading on Thursday, reaching $47.63. 40,059,953 shares of the company’s stock traded hands, compared to its average volume of 48,298,340. The company has a market capitalization of $389.81 billion, a P/E ratio of 14.30, a PEG ratio of 1.86 and a beta of 1.53. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.74 and a quick ratio of 0.73. Bank of America Co. has a fifty-two week low of $28.10 and a fifty-two week high of $48.69. The business has a 50-day moving average price of $45.21 and a two-hundred day moving average price of $42.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, October 14th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.14. The company had revenue of $22.77 billion for the quarter, compared to analyst estimates of $21.60 billion. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 earnings per share. As a group, research analysts forecast that Bank of America Co. will post 3.49 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 31st. Shareholders of record on Friday, December 3rd will be paid a dividend of $0.21 per share. The ex-dividend date is Thursday, December 2nd. This represents a $0.84 annualized dividend and a yield of 1.76%. Bank of America’s payout ratio is 25.23%.

About Bank of America

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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