Bank of America Corp (NYSE:BAC) Shares Sold by Artemis Investment Management LLP

Artemis Investment Management LLP decreased its holdings in Bank of America Corp (NYSE:BAC) by 45.3% in the third quarter, Holdings Channel reports. The firm owned 1,647,836 shares of the financial services provider’s stock after selling 1,363,381 shares during the period. Artemis Investment Management LLP’s holdings in Bank of America were worth $47,995,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of BAC. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in shares of Bank of America by 41.7% during the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 55,924 shares of the financial services provider’s stock valued at $1,622,000 after buying an additional 16,465 shares during the last quarter. First Bank & Trust increased its stake in shares of Bank of America by 16.6% in the 2nd quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 657 shares in the last quarter. Coastal Capital Group Inc. increased its stake in shares of Bank of America by 7.0% in the 2nd quarter. Coastal Capital Group Inc. now owns 14,782 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 966 shares in the last quarter. M Holdings Securities Inc. increased its stake in shares of Bank of America by 22.0% in the 1st quarter. M Holdings Securities Inc. now owns 113,968 shares of the financial services provider’s stock valued at $3,144,000 after purchasing an additional 20,587 shares in the last quarter. Finally, Geneva Partners LLC increased its stake in shares of Bank of America by 51.7% in the 2nd quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock valued at $3,464,000 after purchasing an additional 40,711 shares in the last quarter. 68.48% of the stock is owned by hedge funds and other institutional investors.

BAC has been the subject of several recent analyst reports. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Monday, June 17th. Keefe, Bruyette & Woods lowered Bank of America from an “outperform” rating to a “market perform” rating and cut their price target for the company from $36.00 to $29.00 in a research note on Thursday, September 5th. Raymond James lowered Bank of America from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 29th. Finally, Morgan Stanley cut their price target on Bank of America from $33.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. Bank of America presently has a consensus rating of “Hold” and an average target price of $32.32.

In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

BAC stock traded up $0.60 during trading on Thursday, hitting $28.49. The stock had a trading volume of 30,059,419 shares, compared to its average volume of 58,074,156. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.91. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.17. The stock has a market capitalization of $265.66 billion, a P/E ratio of 10.92, a PEG ratio of 1.14 and a beta of 1.60. The company’s 50-day moving average price is $28.37 and its two-hundred day moving average price is $28.70.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion for the quarter, compared to analysts’ expectations of $23.13 billion. During the same period in the previous year, the firm posted $0.63 EPS. Bank of America’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Corp will post 2.71 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.53%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, September 5th. Bank of America’s payout ratio is presently 27.59%.

Bank of America declared that its Board of Directors has authorized a stock buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.

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

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