Aperio Group LLC Purchases 151,740 Shares of Bank of America Corp (BAC)

Aperio Group LLC increased its position in shares of Bank of America Corp (NYSE:BAC) by 2.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,449,646 shares of the financial services provider’s stock after acquiring an additional 151,740 shares during the quarter. Bank of America makes up about 0.7% of Aperio Group LLC’s portfolio, making the stock its 15th biggest holding. Aperio Group LLC owned approximately 0.05% of Bank of America worth $160,547,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. McKinley Carter Wealth Services Inc. acquired a new position in Bank of America in the first quarter valued at about $105,000. Cardinal Capital Management Inc. acquired a new stake in shares of Bank of America during the third quarter worth about $106,000. CSat Investment Advisory L.P. acquired a new stake in shares of Bank of America during the second quarter worth about $103,000. Quad Cities Investment Group LLC acquired a new stake in shares of Bank of America during the second quarter worth about $112,000. Finally, WealthTrust Fairport LLC acquired a new stake in shares of Bank of America during the first quarter worth about $141,000. 65.08% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have recently issued reports on the stock. Wolfe Research assumed coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. BMO Capital Markets increased their price target on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $34.19.

In related news, insider Catherine P. Bessant sold 15,820 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the sale, the insider now directly owns 483,680 shares in the company, valued at $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is currently owned by corporate insiders.

BAC stock opened at $28.90 on Thursday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a fifty-two week low of $25.81 and a fifty-two week high of $33.05. The company has a market cap of $301.78 billion, a P/E ratio of 15.79, a PEG ratio of 1.46 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a net margin of 20.86% and a return on equity of 10.06%. The firm had revenue of $22.78 billion for the quarter, compared to analyst estimates of $22.63 billion. During the same period in the prior year, the firm earned $0.48 earnings per share. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. Analysts anticipate that Bank of America Corp will post 2.52 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.08%. This is a positive change from Bank of America’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, September 6th. Bank of America’s dividend payout ratio is presently 32.79%.

Bank of America declared that its Board of Directors has approved a stock buyback plan on Thursday, June 28th that authorizes the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

About Bank of America

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

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

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