Tudor Investment Corp ET AL Reduces Position in Bank of America Corporation (BAC)

Tudor Investment Corp ET AL reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 56.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 158,159 shares of the financial services provider’s stock after selling 208,897 shares during the period. Tudor Investment Corp ET AL’s holdings in Bank of America Corporation were worth $3,731,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Capital Management Corp VA lifted its holdings in Bank of America Corporation by 0.3% during the 1st quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 33 shares during the last quarter. Welch Group LLC lifted its holdings in Bank of America Corporation by 0.4% during the 1st quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock worth $237,000 after purchasing an additional 42 shares during the last quarter. Tiemann Investment Advisors LLC lifted its holdings in Bank of America Corporation by 0.3% during the 1st quarter. Tiemann Investment Advisors LLC now owns 19,903 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 52 shares during the last quarter. Logan Capital Management Inc. lifted its holdings in Bank of America Corporation by 0.4% during the 1st quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock worth $345,000 after purchasing an additional 61 shares during the last quarter. Finally, WealthTrust Axiom LLC lifted its holdings in Bank of America Corporation by 0.3% during the 1st quarter. WealthTrust Axiom LLC now owns 23,366 shares of the financial services provider’s stock worth $551,000 after purchasing an additional 70 shares during the last quarter. 61.66% of the stock is owned by institutional investors and hedge funds.

Several analysts recently weighed in on the company. Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price target for the company in a report on Wednesday, September 6th. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a report on Friday, August 11th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Wells Fargo & Company began coverage on Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Bank of America Corporation presently has a consensus rating of “Buy” and a consensus target price of $24.47.

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Shares of Bank of America Corporation (NYSE BAC) traded up 1.97% on Monday, hitting $23.34. The stock had a trading volume of 41,104,112 shares. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The firm has a market capitalization of $245.45 billion, a price-to-earnings ratio of 13.90 and a beta of 1.26. The firm has a 50 day moving average of $24.01 and a 200-day moving average of $23.82.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. During the same period last year, the business earned $0.41 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. Equities analysts predict that Bank of America Corporation will post $1.81 earnings per share for the current year.

Bank of America Corporation declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.10%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.

In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the transaction, the director now directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is currently owned by company insiders.

About Bank of America Corporation

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 Corporation (NYSE:BAC)

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