Bank of America Corp (NYSE:BAC) Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 12.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,004 shares of the financial services provider’s stock after selling 23,411 shares during the quarter. Bank of America comprises 1.1% of Convergence Investment Partners LLC’s holdings, making the stock its 15th biggest position. Convergence Investment Partners LLC’s holdings in Bank of America were worth $4,611,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Daily Journal Corp increased its stake in shares of Bank of America by 9,900.0% in the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock worth $66,700,000 after acquiring an additional 227,700,000 shares during the period. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter worth $2,656,024,000. Brandywine Global Investment Management LLC increased its stake in shares of Bank of America by 111.7% in the fourth quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock worth $286,058,000 after acquiring an additional 6,124,599 shares during the period. Millennium Management LLC increased its stake in shares of Bank of America by 92.4% in the fourth quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock worth $196,364,000 after acquiring an additional 3,827,667 shares during the period. Finally, Thoroughbred Financial Services LLC increased its stake in shares of Bank of America by 2,897.0% in the second quarter. Thoroughbred Financial Services LLC now owns 3,420,637 shares of the financial services provider’s stock worth $342,064,000 after acquiring an additional 3,306,502 shares during the period. Institutional investors and hedge funds own 68.24% of the company’s stock.

NYSE BAC traded down $0.41 during mid-day trading on Friday, reaching $29.08. 825,036 shares of the stock were exchanged, compared to its average volume of 41,155,808. The business has a 50 day simple moving average of $29.20. Bank of America Corp has a 1 year low of $22.66 and a 1 year high of $31.91. The stock has a market cap of $274.50 billion, a P/E ratio of 11.15, a P/E/G ratio of 1.21 and a beta of 1.53. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The business had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $0.63 earnings per share. Equities analysts forecast that Bank of America Corp will post 2.83 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.48%. This is an increase from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Bank of America declared that its board has initiated a stock buyback plan 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 purchase up to 11.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

A number of research firms have recently weighed in on BAC. JPMorgan Chase & Co. cut their price objective on shares of 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. HSBC assumed coverage on shares of Bank of America in a report on Thursday, April 4th. They set a “hold” rating and a $29.00 price target on the stock. ValuEngine raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Berenberg Bank set a $30.00 price target on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, June 17th. Finally, Atlantic Securities downgraded shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. Bank of America has an average rating of “Hold” and an average target price of $33.02.

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.

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

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