Bank of America Corp (BAC) Shares Sold by Rhumbline Advisers

Rhumbline Advisers decreased its holdings in Bank of America Corp (NYSE:BAC) by 0.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,045,939 shares of the financial services provider’s stock after selling 40,579 shares during the quarter. Bank of America makes up about 0.9% of Rhumbline Advisers’ investment portfolio, making the stock its 12th largest position. Rhumbline Advisers owned approximately 0.16% of Bank of America worth $431,944,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Janus Henderson Group PLC raised its position in shares of Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after acquiring an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after acquiring an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after acquiring an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after acquiring an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD raised its position in shares of Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after acquiring an additional 7,231,615 shares during the last quarter. Hedge funds and other institutional investors own 68.43% of the company’s stock.

Shares of Bank of America Corp (NYSE BAC) opened at $31.19 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America Corp has a 52 week low of $22.01 and a 52 week high of $31.20. The company has a market capitalization of $325,330.00, a price-to-earnings ratio of 18.13, a P/E/G ratio of 1.70 and a beta of 1.32.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the firm earned $0.41 earnings per share. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. analysts anticipate that Bank of America Corp will post 1.79 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.54%. Bank of America’s dividend payout ratio (DPR) is presently 27.91%.

A number of equities research analysts have recently weighed in on BAC shares. Barclays boosted their target price on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada restated a “buy” rating and set a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Instinet dropped their target price on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets restated a “hold” rating and set a $31.00 target price on shares of Bank of America in a research report on Monday, January 8th. Finally, Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $29.14.

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Bank of America Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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

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