Korea Investment CORP Reduces Position in Bank of America Corporation $BAC

Korea Investment CORP trimmed its holdings in Bank of America Corporation (NYSE:BAC) by 0.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,531,530 shares of the financial services provider’s stock after selling 29,116 shares during the quarter. Bank of America makes up about 0.6% of Korea Investment CORP’s portfolio, making the stock its 25th biggest position. Korea Investment CORP’s holdings in Bank of America were worth $261,752,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Nova Wealth Management Inc. lifted its position in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC increased its stake in Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC bought a new stake in Bank of America during the 2nd quarter valued at about $28,000. CGC Financial Services LLC boosted its position in Bank of America by 585.4% in the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after buying an additional 521 shares during the period. Finally, Acima Private Wealth LLC bought a new position in Bank of America in the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of several research analyst reports. Wolfe Research lifted their price target on shares of Bank of America from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Phillip Securities lifted their target price on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Barclays upped their target price on Bank of America from $54.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Robert W. Baird lifted their price objective on Bank of America from $52.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Finally, Citigroup upped their price objective on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Stock Performance

Shares of Bank of America stock opened at $53.01 on Thursday. The company has a market capitalization of $387.07 billion, a PE ratio of 14.44, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a 50-day simple moving average of $51.85 and a two-hundred day simple moving average of $48.66. Bank of America Corporation has a one year low of $33.06 and a one year high of $54.69. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

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

Bank of America Dividend Announcement

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

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.