Needelman Asset Management Inc. Reduces Holdings in Bank of America Corporation (BAC)

Needelman Asset Management Inc. decreased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 71,136 shares of the financial services provider’s stock after selling 600 shares during the period. Bank of America Corporation makes up 4.4% of Needelman Asset Management Inc.’s holdings, making the stock its largest position. Needelman Asset Management Inc.’s holdings in Bank of America Corporation were worth $1,726,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Trust Co raised its position in shares of Bank of America Corporation by 7.4% during the 1st quarter. Trust Co now owns 152,988 shares of the financial services provider’s stock valued at $3,609,000 after acquiring an additional 10,485 shares during the last quarter. Bremer Trust National Association bought a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $243,000. Centre Asset Management LLC raised its position in shares of Bank of America Corporation by 3.4% during the 2nd quarter. Centre Asset Management LLC now owns 284,520 shares of the financial services provider’s stock valued at $6,902,000 after acquiring an additional 9,250 shares during the last quarter. Xact Kapitalforvaltning AB raised its position in shares of Bank of America Corporation by 3.4% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 1,846,993 shares of the financial services provider’s stock valued at $44,808,000 after acquiring an additional 61,202 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Bank of America Corporation by 3.5% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 605,752 shares of the financial services provider’s stock valued at $14,695,000 after acquiring an additional 20,600 shares during the last quarter. Institutional investors own 61.66% of the company’s stock.

In related news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is owned by company insiders.

Bank of America Corporation (NYSE BAC) traded up 0.58% during midday trading on Friday, hitting $24.38. 85,937,551 shares of the stock traded hands. Bank of America Corporation has a 52 week low of $14.81 and a 52 week high of $25.80. The stock has a market capitalization of $256.39 billion, a P/E ratio of 14.52 and a beta of 1.26. The stock’s 50-day moving average price is $24.00 and its 200-day moving average price is $23.82.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business earned $0.41 EPS. Equities research analysts expect that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

The firm 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. This represents a $0.48 annualized dividend and a dividend yield of 1.97%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.

Bank of America Corporation declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

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Several analysts have commented on BAC shares. Vetr cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $23.52 target price for the company. in a research report on Tuesday, July 4th. Deutsche Bank AG restated a “hold” rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. CIBC restated an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Robert W. Baird restated a “hold” rating and issued a $24.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 25th. Finally, BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $24.41.

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.

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

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