Wedge Capital Management L L P NC Reduces Stake in Bank of America Corporation (NYSE:BAC)

Wedge Capital Management L L P NC reduced its position in Bank of America Corporation (NYSE:BAC) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,810,378 shares of the financial services provider’s stock after selling 63,424 shares during the period. Wedge Capital Management L L P NC’s holdings in Bank of America Corporation were worth $42,707,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in BAC. TCW Group Inc. increased its stake in Bank of America Corporation by 12.1% in the fourth quarter. TCW Group Inc. now owns 845,400 shares of the financial services provider’s stock worth $18,683,000 after buying an additional 91,300 shares during the period. Sterling Global Strategies LLC increased its stake in shares of Bank of America Corporation by 8.1% in the fourth quarter. Sterling Global Strategies LLC now owns 16,060 shares of the financial services provider’s stock worth $355,000 after buying an additional 1,200 shares during the period. Associated Banc Corp increased its stake in shares of Bank of America Corporation by 7.5% in the fourth quarter. Associated Banc Corp now owns 88,236 shares of the financial services provider’s stock worth $1,950,000 after buying an additional 6,140 shares during the period. McAdam LLC bought a new stake in shares of Bank of America Corporation during the fourth quarter worth approximately $272,000. Finally, Martingale Asset Management L P increased its stake in shares of Bank of America Corporation by 17.3% in the fourth quarter. Martingale Asset Management L P now owns 714,211 shares of the financial services provider’s stock worth $15,785,000 after buying an additional 105,547 shares during the period. Hedge funds and other institutional investors own 65.75% of the company’s stock.

Shares of Bank of America Corporation (BAC) traded down 0.33% during midday trading on Friday, hitting $24.03. The stock had a trading volume of 50,143,443 shares. The company’s 50 day moving average price is $23.97 and its 200-day moving average price is $23.66. The firm has a market capitalization of $252.71 billion, a PE ratio of 14.24 and a beta of 1.27. Bank of America Corporation has a 1-year low of $14.09 and a 1-year high of $25.80.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter in the prior year, the business earned $0.41 EPS. Bank of America Corporation’s quarterly revenue was up 7.1% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post $1.82 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 2.00%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is 17.86%.

Bank of America Corporation announced that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

TRADEMARK VIOLATION NOTICE: This news story was reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this news story on another publication, it was illegally stolen and republished in violation of United States & international copyright & trademark law. The correct version of this news story can be viewed at https://www.chaffeybreeze.com/2017/07/30/wedge-capital-management-l-l-p-nc-has-42-71-million-position-in-bank-of-america-corporation-nysebac-updated-updated-updated.html.

BAC has been the subject of a number of recent research reports. CIBC reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective for the company. in a research report on Wednesday, June 28th. Deutsche Bank AG reiterated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. Finally, Berenberg Bank downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and increased their price objective for the company from $15.00 to $22.00 in a research report on Monday, April 24th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the stock. Bank of America Corporation presently has a consensus rating of “Buy” and an average price target of $23.74.

Bank of America Corporation Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply