Bank of America Corp (BAC) Stake Lowered by Systematic Financial Management LP

Systematic Financial Management LP cut its holdings in Bank of America Corp (NYSE:BAC) by 6.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 496,354 shares of the financial services provider’s stock after selling 31,704 shares during the quarter. Systematic Financial Management LP’s holdings in Bank of America were worth $12,578,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Gateway Advisory LLC boosted its stake in shares of Bank of America by 0.4% in the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 45 shares during the last quarter. Lbmc Investment Advisors LLC boosted its stake in shares of Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. boosted its stake in shares of Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after acquiring an additional 54 shares during the last quarter. Altavista Wealth Management Inc. boosted its stake in shares of Bank of America by 0.7% in the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares during the last quarter. Finally, Alpha Omega Wealth Management LLC boosted its stake in shares of Bank of America by 0.3% in the second quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock worth $613,000 after acquiring an additional 76 shares during the last quarter. Institutional investors and hedge funds own 68.47% of the company’s stock.

Shares of Bank of America Corp (BAC) opened at $31.72 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $330,860.00, a price-to-earnings ratio of 20.60, a P/E/G ratio of 1.62 and a beta of 1.32. Bank of America Corp has a 1-year low of $22.07 and a 1-year high of $31.79.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The firm had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.40 EPS. research analysts forecast that Bank of America Corp will post 2.45 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. Bank of America’s dividend payout ratio is presently 31.17%.

Bank of America announced that its board has initiated a stock buyback plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

A number of equities analysts have weighed in on BAC shares. Deutsche Bank reissued a “hold” rating and set a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Robert W. Baird reissued a “hold” rating and set a $24.00 price objective on shares of Bank of America in a research note on Sunday, October 1st. Vetr lowered Bank of America from a “hold” rating to a “sell” rating and set a $25.08 price objective on the stock. in a research note on Wednesday, October 4th. Citigroup reissued a “neutral” rating and set a $27.00 price objective (up previously from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Finally, Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $29.87.

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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.

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

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