Bank of America Corp (NYSE:BAC) Shares Sold by Moneta Group Investment Advisors LLC

Moneta Group Investment Advisors LLC reduced its holdings in Bank of America Corp (NYSE:BAC) by 90.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,000 shares of the financial services provider’s stock after selling 48,860 shares during the quarter. Moneta Group Investment Advisors LLC’s holdings in Bank of America were worth $1,620,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BAC. Westfield Capital Management Co. LP lifted its position in shares of Bank of America by 15.6% in the second quarter. Westfield Capital Management Co. LP now owns 3,427,007 shares of the financial services provider’s stock worth $99,383,000 after purchasing an additional 461,396 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of Bank of America by 0.5% during the second quarter. Impax Asset Management Group plc now owns 580,696 shares of the financial services provider’s stock worth $16,840,000 after acquiring an additional 3,083 shares in the last quarter. Davis Selected Advisers raised its holdings in shares of Bank of America by 8.9% during the second quarter. Davis Selected Advisers now owns 1,643,010 shares of the financial services provider’s stock worth $47,647,000 after acquiring an additional 134,090 shares in the last quarter. Ossiam acquired a new stake in Bank of America during the second quarter valued at $3,443,000. Finally, Seeyond boosted its position in Bank of America by 6.4% during the second quarter. Seeyond now owns 94,087 shares of the financial services provider’s stock valued at $2,729,000 after purchasing an additional 5,618 shares during the last quarter. 68.61% of the stock is owned by institutional investors and hedge funds.

In other news, major shareholder Of America Corp /De/ Bank bought 5,370 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were acquired at an average cost of $11.83 per share, for a total transaction of $63,527.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.17% of the company’s stock.

Several brokerages have weighed in on BAC. JPMorgan Chase & Co. dropped their target price on Bank of America from $30.50 to $29.50 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. DZ Bank raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. ValuEngine downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective on the stock. in a research report on Wednesday, July 10th. Finally, BMO Capital Markets upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $32.29.

Bank of America stock traded down $0.03 during trading hours on Wednesday, reaching $29.35. 2,275,454 shares of the company were exchanged, compared to its average volume of 55,299,916. Bank of America Corp has a 12 month low of $22.66 and a 12 month high of $31.37. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The stock has a 50-day moving average of $28.17 and a 200 day moving average of $28.70. The firm has a market cap of $266.50 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.13 and a beta of 1.57.

Bank of America (NYSE:BAC) last released its quarterly 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 net margin of 25.52% and a return on equity of 11.95%. The company had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.13 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Corp will post 2.82 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Thursday, June 27th that permits the company to buyback $30.90 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be issued a dividend of $0.18 per share. This is an increase from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Thursday, September 5th. Bank of America’s dividend payout ratio is currently 27.59%.

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.

Further Reading: Rule of 72

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

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