Bank of America Corporation $BAC Stock Position Decreased by Kazazian Asset Management LLC

Kazazian Asset Management LLC lowered its holdings in Bank of America Corporation (NYSE:BAC) by 26.2% during the second quarter, HoldingsChannel.com reports. The fund owned 11,715 shares of the financial services provider’s stock after selling 4,164 shares during the period. Bank of America accounts for about 0.8% of Kazazian Asset Management LLC’s portfolio, making the stock its 25th biggest position. Kazazian Asset Management LLC’s holdings in Bank of America were worth $554,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Boston Common Asset Management LLC increased its holdings in shares of Bank of America by 10.5% in the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after buying an additional 24,740 shares in the last quarter. Disciplined Investments LLC purchased a new position in Bank of America in the 2nd quarter worth about $217,000. Nicholas Hoffman & Company LLC. raised its holdings in 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 buying an additional 33,963 shares during the period. Sunbeam Capital Management LLC lifted its stake in Bank of America by 7.3% during the second quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock valued at $306,000 after buying an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC purchased a new stake in Bank of America during the second quarter valued at about $287,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BAC shares. Morgan Stanley boosted their price target on shares of Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Ameriprise Financial upgraded shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. HSBC boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft raised their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Finally, The Goldman Sachs Group reduced their price objective on shares of Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Stock Performance

Bank of America stock opened at $52.57 on Monday. The company’s 50-day moving average is $51.63 and its two-hundred day moving average is $48.11. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $54.69. The company has a market cap of $383.88 billion, a PE ratio of 14.32, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 EPS. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America declared that its board has approved a share buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Bank of America Announces Dividend

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

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.