Twin Capital Management Inc. cut its stake in shares of Bank of America Corp (NYSE:BAC) by 29.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 754,172 shares of the financial services provider’s stock after selling 313,763 shares during the quarter. Bank of America makes up about 1.5% of Twin Capital Management Inc.’s portfolio, making the stock its 8th largest position. Twin Capital Management Inc.’s holdings in Bank of America were worth $21,871,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. CNB Bank raised its stake in shares of Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after buying an additional 620 shares during the period. Paragon Capital Management LLC acquired a new position in Bank of America during the 1st quarter worth about $33,000. Camarda Financial Advisors LLC lifted its stake in Bank of America by 167.2% during the 1st quarter. Camarda Financial Advisors LLC now owns 1,705 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 1,067 shares in the last quarter. Nalls Sherbakoff Group LLC acquired a new position in Bank of America during the 4th quarter worth about $48,000. Finally, First Financial Corp IN lifted its stake in Bank of America by 77.9% during the 1st quarter. First Financial Corp IN now owns 2,283 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 1,000 shares in the last quarter. 69.50% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on BAC shares. Berenberg Bank set a $30.00 price objective on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price on the stock. in a research note on Tuesday, April 30th. JPMorgan Chase & Co. lowered their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. Jefferies Financial Group cut Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a report on Wednesday, April 17th. Finally, ValuEngine cut Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.89.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.04. The company had revenue of $23.10 billion during 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 company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.63 EPS. As a group, research analysts forecast that Bank of America Corp will post 2.83 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a $0.18 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.72%. This is a positive change from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio is presently 22.99%.
Bank of America announced that its board has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership 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.
Further Reading: Diversification in Investing
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