Private Asset Management Inc. Lowers Stake in Bank of America Corp (NYSE:BAC)

Private Asset Management Inc. lessened its stake in shares of Bank of America Corp (NYSE:BAC) by 0.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 728,413 shares of the financial services provider’s stock after selling 3,763 shares during the period. Bank of America accounts for about 3.6% of Private Asset Management Inc.’s portfolio, making the stock its 2nd biggest position. Private Asset Management Inc.’s holdings in Bank of America were worth $21,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the business. Norges Bank acquired a new stake in shares of Bank of America in the 4th quarter valued at $2,656,024,000. Northern Trust Corp boosted its holdings in shares of Bank of America by 1.7% during the 4th quarter. Northern Trust Corp now owns 101,947,104 shares of the financial services provider’s stock valued at $2,511,976,000 after acquiring an additional 1,696,074 shares in the last quarter. Harris Associates L P boosted its holdings in shares of Bank of America by 0.8% during the 4th quarter. Harris Associates L P now owns 81,107,007 shares of the financial services provider’s stock valued at $1,998,477,000 after acquiring an additional 669,104 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Bank of America by 5.7% during the 4th quarter. Legal & General Group Plc now owns 43,093,827 shares of the financial services provider’s stock valued at $1,061,797,000 after acquiring an additional 2,322,908 shares in the last quarter. Finally, Prudential PLC boosted its holdings in shares of Bank of America by 3.7% during the 4th quarter. Prudential PLC now owns 15,737,361 shares of the financial services provider’s stock valued at $387,768,000 after acquiring an additional 560,917 shares in the last quarter. 68.20% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms recently weighed in on BAC. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a report on Tuesday, April 30th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a report on Monday, June 17th. Jefferies Financial Group set a $158.00 price objective on HCA Healthcare and gave the company a “buy” rating in a report on Wednesday, April 17th. Berenberg Bank downgraded to a “hold” rating and cut their price objective for the company from GBX 283 ($3.70) to GBX 103 ($1.35) in a report on Monday, June 17th. Finally, ValuEngine raised Worldline from a “hold” rating to a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $32.52.

BAC traded up $0.68 during midday trading on Tuesday, hitting $30.25. 57,645,093 shares of the company were exchanged, compared to its average volume of 55,806,586. The firm has a market capitalization of $285.67 billion, a price-to-earnings ratio of 11.59, a P/E/G ratio of 1.16 and a beta of 1.53. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.91. The business has a 50 day moving average price of $28.70. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.63 EPS. On average, equities analysts predict that Bank of America Corp will post 2.82 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.98%. The ex-dividend date was Thursday, June 6th. Bank of America’s payout ratio is presently 22.99%.

Bank of America declared that its Board of Directors has approved a stock buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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

See Also: Leveraged Buyout (LBO) Explained

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

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