Trillium Asset Management LLC Buys 127,050 Shares of Bank of America Corporation (NYSE:BAC)

Trillium Asset Management LLC grew its stake in Bank of America Corporation (NYSE:BAC) by 16.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 899,709 shares of the financial services provider’s stock after acquiring an additional 127,050 shares during the quarter. Bank of America accounts for 1.1% of Trillium Asset Management LLC’s portfolio, making the stock its 28th biggest holding. Trillium Asset Management LLC’s holdings in Bank of America were worth $37,545,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BAC. Capital World Investors boosted its holdings in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Bank of America by 45.1% during the first quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Bank of America by 31.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 39,051,595 shares of the financial services provider’s stock valued at $1,716,318,000 after purchasing an additional 9,258,040 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 0.3%

NYSE BAC opened at $46.15 on Tuesday. The stock’s 50-day moving average price is $46.47 and its 200-day moving average price is $43.74. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31. The company has a market capitalization of $341.85 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 1.79 and a beta of 1.31.

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

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.28 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, September 5th. Bank of America’s dividend payout ratio (DPR) is 30.41%.

Insider Activity

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the sale, 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, June 26th. The Goldman Sachs Group upped their price target on Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Oppenheimer upped their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, July 30th. Finally, UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. One investment analyst has 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. Based on data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $50.13.

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.