Bank of America Corp (BAC) Stake Lessened by Rafferty Asset Management LLC

Rafferty Asset Management LLC decreased its holdings in shares of Bank of America Corp (NYSE:BAC) by 27.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,591,389 shares of the financial services provider’s stock after selling 603,818 shares during the period. Bank of America makes up about 0.9% of Rafferty Asset Management LLC’s portfolio, making the stock its 17th largest position. Rafferty Asset Management LLC’s holdings in Bank of America were worth $39,212,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. CI Investments Inc. raised its holdings in shares of Bank of America by 168.5% during the third quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock worth $172,061,000 after acquiring an additional 3,665,300 shares during the period. Affinity Investment Advisors LLC raised its holdings in shares of Bank of America by 12.9% during the third quarter. Affinity Investment Advisors LLC now owns 794,521 shares of the financial services provider’s stock worth $23,407,000 after acquiring an additional 90,669 shares during the period. Gratus Capital LLC raised its holdings in shares of Bank of America by 15.4% during the third quarter. Gratus Capital LLC now owns 18,265 shares of the financial services provider’s stock worth $538,000 after acquiring an additional 2,444 shares during the period. Peak Asset Management LLC acquired a new stake in shares of Bank of America during the third quarter worth $201,000. Finally, CIBC World Markets Inc. raised its holdings in shares of Bank of America by 13.7% during the third quarter. CIBC World Markets Inc. now owns 2,581,289 shares of the financial services provider’s stock worth $76,045,000 after acquiring an additional 310,974 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

A number of brokerages recently commented on BAC. Macquarie lowered shares of Bank of America from an “outperform” rating to a “neutral” rating in a report on Monday, January 7th. They noted that the move was a valuation call. Jefferies Financial Group reaffirmed a “buy” rating on shares of Bank of America in a research report on Tuesday, January 8th. Oppenheimer raised their target price on shares of Bank of America from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, March 26th. Zacks Investment Research downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, January 8th. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Bank of America has a consensus rating of “Hold” and a consensus target price of $33.25.

In related news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total value of $3,859,934.70. Following the sale, the insider now directly owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.17% of the company’s stock.

Shares of Bank of America stock remained flat at $$30.03 during trading on Friday. 61,796,624 shares of the company were exchanged, compared to its average volume of 67,061,420. The firm has a market cap of $307.62 billion, a P/E ratio of 11.51, a PEG ratio of 1.31 and a beta of 1.47. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.91.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The firm had revenue of $23 billion during the quarter, compared to analyst estimates of $23.24 billion. During the same quarter last year, the business earned $0.62 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. On average, analysts anticipate that Bank of America Corp will post 2.86 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, February 28th. Bank of America’s dividend payout ratio is currently 22.99%.

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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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