Bank of America Corporation $BAC Shares Acquired by Boston Common Asset Management LLC

Boston Common Asset Management LLC increased its holdings in Bank of America Corporation (NYSE:BAC) by 10.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,680 shares of the financial services provider’s stock after buying an additional 24,740 shares during the period. Boston Common Asset Management LLC’s holdings in Bank of America were worth $12,288,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in Bank of America by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 60,417,407 shares of the financial services provider’s stock valued at $2,521,218,000 after acquiring an additional 803,570 shares during the last quarter. Deutsche Bank AG grew its stake in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares during the last quarter. Amundi grew its stake in Bank of America by 3.7% in the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock valued at $1,637,205,000 after acquiring an additional 1,413,313 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Finally, National Pension Service grew its stake in Bank of America by 2.4% in the 1st quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after acquiring an additional 300,944 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the transaction, the insider owned 223,407 shares in the company, valued at approximately $10,180,656.99. This trade represents a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.30% of the stock is currently owned by insiders.

Bank of America Trading Up 0.3%

Shares of BAC stock opened at $50.63 on Friday. The firm has a market cap of $374.98 billion, a P/E ratio of 14.80, a PEG ratio of 1.96 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79. The firm’s 50-day simple moving average is $49.37 and its 200-day simple moving average is $45.28.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 EPS. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America declared that its board has approved a stock buyback plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.26. Bank of America’s payout ratio is currently 32.75%.

Wall Street Analyst Weigh In

BAC has been the topic of several analyst reports. Morgan Stanley raised their price target on shares of Bank of America from $50.00 to $66.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Wall Street Zen raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. The Goldman Sachs Group raised their price target on shares of Bank of America from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup raised their price target on shares of Bank of America from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Bank of America in a research note on Friday, June 27th. Nineteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.38.

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.