Rhumbline Advisers Reduces Stock Position in Bank of America Corporation $BAC

Rhumbline Advisers reduced its stake in Bank of America Corporation (NYSE:BAC) by 1.3% in the second quarter, Holdings Channel.com reports. The fund owned 12,128,459 shares of the financial services provider’s stock after selling 153,974 shares during the period. Bank of America makes up approximately 0.5% of Rhumbline Advisers’ portfolio, making the stock its 23rd biggest position. Rhumbline Advisers’ holdings in Bank of America were worth $573,919,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Brighton Jones LLC boosted its position in shares of Bank of America by 30.0% in the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Machina Capital S.A.S. increased its holdings in Bank of America by 94.6% during the 1st quarter. Machina Capital S.A.S. now owns 24,387 shares of the financial services provider’s stock worth $1,018,000 after acquiring an additional 11,858 shares during the period. Avantax Advisory Services Inc. lifted its stake in Bank of America by 5.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 458,944 shares of the financial services provider’s stock worth $19,152,000 after purchasing an additional 25,163 shares in the last quarter. Nicholas Wealth LLC. boosted its holdings in Bank of America by 4.9% in the 1st quarter. Nicholas Wealth LLC. now owns 27,404 shares of the financial services provider’s stock valued at $1,144,000 after purchasing an additional 1,285 shares during the period. Finally, Assetmark Inc. boosted its holdings in Bank of America by 11.0% in the 1st quarter. Assetmark Inc. now owns 1,056,068 shares of the financial services provider’s stock valued at $44,070,000 after purchasing an additional 104,768 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on BAC. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Argus upped their target price on Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Deutsche Bank Aktiengesellschaft raised their price target on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. Wells Fargo & Company boosted their price objective on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Finally, Daiwa Capital Markets upped their price objective on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.77.

Bank of America Price Performance

BAC opened at $51.54 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $376.37 billion, a P/E ratio of 14.04, a PEG ratio of 1.99 and a beta of 1.34. The stock has a 50-day moving average price of $51.76 and a 200-day moving average price of $48.38. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the company posted $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.2%. Bank of America’s dividend payout ratio is 30.52%.

About Bank of America

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.