Artemis Investment Management LLP Sells 1,207,622 Shares of Bank of America Corporation (BAC)

Artemis Investment Management LLP decreased its stake in shares of Bank of America Corporation (NYSE:BAC) by 24.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,772,702 shares of the bank’s stock after selling 1,207,622 shares during the period. Bank of America Corporation accounts for about 2.2% of Artemis Investment Management LLP’s portfolio, making the stock its 6th largest holding. Artemis Investment Management LLP’s holdings in Bank of America Corporation were worth $91,544,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation during the 2nd quarter worth about $100,000. Armbruster Capital Management Inc. boosted its holdings in shares of Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the bank’s stock worth $102,000 after buying an additional 423 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in shares of Bank of America Corporation by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the bank’s stock worth $103,000 after buying an additional 450 shares during the period. Tarbox Family Office Inc. boosted its holdings in Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the bank’s stock valued at $117,000 after purchasing an additional 21 shares during the period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its holdings in Bank of America Corporation by 47.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the bank’s stock valued at $140,000 after purchasing an additional 1,850 shares during the period. 62.34% of the stock is owned by institutional investors and hedge funds.

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A number of analysts have issued reports on the stock. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $30.00 price objective (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. BMO Capital Markets reissued a “market perform” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, October 16th. UBS AG set a $27.00 price objective on shares of Bank of America Corporation and gave the company a “hold” rating in a report on Monday, October 16th. Finally, Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of C$25.82.

Bank of America Corporation (NYSE BAC) opened at C$26.51 on Friday. The stock has a market cap of $276,515.47, a price-to-earnings ratio of 15.15, a P/E/G ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a 12 month low of C$18.63 and a 12 month high of C$27.98. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America Corporation (NYSE:BAC) last issued its earnings results on Friday, October 13th. The bank reported C$0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.46 by C$0.02. The business had revenue of C$22.08 billion for the quarter, compared to analyst estimates of C$22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. Bank of America Corporation’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. analysts predict that Bank of America Corporation will post 1.8 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is presently 27.43%.

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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