Greylin Investment Mangement Inc. Decreases Stock Holdings in Bank of America Corp (NYSE:BAC)

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Greylin Investment Mangement Inc. trimmed its stake in shares of Bank of America Corp (NYSE:BAC) by 6.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 300,235 shares of the financial services provider’s stock after selling 20,165 shares during the period. Bank of America makes up 2.1% of Greylin Investment Mangement Inc.’s investment portfolio, making the stock its 12th largest holding. Greylin Investment Mangement Inc.’s holdings in Bank of America were worth $8,758,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Daily Journal Corp raised its stake in shares of Bank of America by 9,900.0% in the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after acquiring an additional 227,700,000 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Bank of America by 35.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock valued at $2,165,116,000 after acquiring an additional 19,688,816 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Bank of America by 1,905.2% in the second quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock valued at $1,741,604,000 after acquiring an additional 57,060,331 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Bank of America by 2.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 40,115,997 shares of the financial services provider’s stock valued at $1,163,364,000 after acquiring an additional 773,712 shares during the period. Finally, Primecap Management Co. CA raised its stake in shares of Bank of America by 1.6% in the second quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock valued at $1,055,666,000 after acquiring an additional 573,200 shares during the period. 68.48% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have recently weighed in on BAC. Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $36.00 to $29.00 in a research note on Thursday, September 5th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. reduced their target price on shares of Bank of America from $31.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday. Wells Fargo & Co set a $34.00 target price on shares of Bank of America and gave the company a “buy” rating in a research note on Friday, August 16th. Finally, Morgan Stanley reduced their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $32.32.

Shares of NYSE:BAC traded up $0.68 during trading on Friday, reaching $29.13. The stock had a trading volume of 3,612,611 shares, compared to its average volume of 57,443,616. Bank of America Corp has a one year low of $22.66 and a one year high of $31.17. The company has a market capitalization of $271.38 billion, a P/E ratio of 11.16, a PEG ratio of 1.13 and a beta of 1.60. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The firm’s 50-day simple moving average is $28.40 and its 200 day simple moving average is $28.71.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The business had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the business earned $0.63 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corp will post 2.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 6th were issued a $0.18 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date was Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is currently 27.59%.

Bank of America announced that its board has approved a share repurchase program on Thursday, June 27th that authorizes the company to repurchase $30.90 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

In other news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by company insiders.

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

See Also: What is meant by holder of record?

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

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