Seizert Capital Partners LLC Decreases Holdings in Bank of America Corp (NYSE:BAC)

Seizert Capital Partners LLC cut its position in shares of Bank of America Corp (NYSE:BAC) by 7.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,674,214 shares of the financial services provider’s stock after selling 131,672 shares during the quarter. Bank of America makes up about 2.4% of Seizert Capital Partners LLC’s investment portfolio, making the stock its 10th largest position. Seizert Capital Partners LLC’s holdings in Bank of America were worth $48,552,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. First Bank & Trust grew its position in Bank of America by 16.6% during the 2nd quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 657 shares during the period. M Holdings Securities Inc. grew its position in Bank of America by 22.0% during the 1st 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 during the period. Geneva Partners LLC grew its position in Bank of America by 51.7% during the 2nd quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock worth $3,464,000 after purchasing an additional 40,711 shares during the period. St. Johns Investment Management Company LLC grew its position in Bank of America by 2.4% during the 1st 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 during the period. Finally, Hodges Capital Management Inc. grew its position in Bank of America by 2.9% during the 1st 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 during the period. Hedge funds and other institutional investors own 68.50% of the company’s stock.

BAC has been the topic of several analyst reports. Morgan Stanley set a $31.00 price target on Bank of America and gave the stock a “buy” rating in a research report on Friday, August 9th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $32.00 to $36.00 in a research report on Friday, July 26th. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. BMO Capital Markets raised Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a research report on Monday, June 17th. Finally, Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $32.75.

Shares of NYSE:BAC traded down $0.72 during trading on Friday, reaching $26.47. 73,342,620 shares of the company’s stock traded hands, compared to its average volume of 60,957,512. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.49. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The firm has a market cap of $250.67 billion, a PE ratio of 10.14, a P/E/G ratio of 1.06 and a beta of 1.54. The company has a 50-day simple moving average of $28.86 and a 200-day simple moving average of $28.82.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period last year, the firm earned $0.63 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Corp will post 2.83 EPS for the current 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 given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.72%. Bank of America’s dividend payout ratio (DPR) is 22.99%.

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

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

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