Wright Investors Service Inc. Reduces Stock Holdings in Bank of America Corp (NYSE:BAC)

Wright Investors Service Inc. decreased its holdings in Bank of America Corp (NYSE:BAC) by 3.4% in the second quarter, HoldingsChannel.com reports. The fund owned 137,140 shares of the financial services provider’s stock after selling 4,774 shares during the period. Bank of America comprises about 1.5% of Wright Investors Service Inc.’s portfolio, making the stock its 16th largest holding. Wright Investors Service Inc.’s holdings in Bank of America were worth $3,977,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BAC. M Holdings Securities Inc. raised its holdings in Bank of America by 22.0% in the first quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock worth $3,144,000 after purchasing an additional 20,587 shares in the last quarter. St. Johns Investment Management Company LLC raised its holdings in Bank of America by 2.4% in the first quarter. St. Johns Investment Management Company LLC now owns 105,357 shares of the financial services provider’s stock worth $2,907,000 after purchasing an additional 2,466 shares in the last quarter. Hodges Capital Management Inc. raised its holdings in Bank of America by 2.9% in the first quarter. Hodges Capital Management Inc. now owns 210,844 shares of the financial services provider’s stock worth $5,817,000 after purchasing an additional 5,886 shares in the last quarter. Legacy Capital Partners Inc. raised its holdings in Bank of America by 0.8% in the second quarter. Legacy Capital Partners Inc. now owns 91,522 shares of the financial services provider’s stock worth $2,654,000 after purchasing an additional 723 shares in the last quarter. Finally, Ballentine Partners LLC raised its holdings in Bank of America by 2.6% in the second quarter. Ballentine Partners LLC now owns 123,583 shares of the financial services provider’s stock worth $3,584,000 after purchasing an additional 3,089 shares in the last quarter. 69.50% of the stock is owned by institutional investors.

A number of research firms have issued reports on BAC. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a report on Monday, June 17th. JPMorgan Chase & Co. decreased their price objective on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a report on Tuesday, July 9th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $32.00 to $36.00 in a report on Friday, July 26th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Bank of America has an average rating of “Hold” and a consensus price target of $32.89.

Shares of NYSE:BAC traded up $0.11 on Thursday, hitting $26.53. 2,424,324 shares of the company traded hands, compared to its average volume of 57,185,536. Bank of America Corp has a 52 week low of $22.66 and a 52 week high of $31.49. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average price of $29.20. The company has a market capitalization of $257.28 billion, a P/E ratio of 10.16, a PEG ratio of 1.09 and a beta of 1.54.

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

Bank of America announced that its board has approved a stock repurchase program on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.71%. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Bank of America 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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