Martingale Asset Management L P Sells 84,372 Shares of Bank of America Corp (BAC)

Martingale Asset Management L P decreased its position in Bank of America Corp (NYSE:BAC) by 84.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,450 shares of the financial services provider’s stock after selling 84,372 shares during the quarter. Martingale Asset Management L P’s holdings in Bank of America were worth $375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Korea Investment CORP boosted its holdings in Bank of America by 0.5% during the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after acquiring an additional 390,771 shares during the period. Legal & General Group Plc lifted its holdings in shares of Bank of America by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after buying an additional 1,007,405 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Bank of America by 0.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 33,108,834 shares of the financial services provider’s stock worth $803,221,000 after buying an additional 173,379 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Bank of America by 1.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 30,340,696 shares of the financial services provider’s stock worth $736,065,000 after buying an additional 553,349 shares during the period. Finally, APG Asset Management N.V. lifted its holdings in shares of Bank of America by 14.8% in the 2nd quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock worth $729,124,000 after buying an additional 3,868,186 shares during the period. 68.28% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have weighed in on BAC. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective for the company in a research note on Wednesday, August 30th. BMO Capital Markets restated a “market perform” rating and set a $29.00 price objective (up from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Wells Fargo & Company initiated coverage on Bank of America in a research note on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price objective for the company. Finally, Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $26.25.

Bank of America Corp (BAC) traded down $0.29 during trading on Wednesday, reaching $28.64. The company had a trading volume of 74,291,483 shares, compared to its average volume of 79,799,078. The firm has a market capitalization of $299,980.00, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 2.01 and a beta of 1.31. Bank of America Corp has a 12-month low of $21.77 and a 12-month high of $29.31. 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 (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. Bank of America’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. sell-side analysts anticipate that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.68%. Bank of America’s dividend payout ratio is currently 27.91%.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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Bank of America Company 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.

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

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