Bank of America Corp (BAC) Position Trimmed by Sumitomo Mitsui Asset Management Company LTD

Sumitomo Mitsui Asset Management Company LTD cut its holdings in shares of Bank of America Corp (NYSE:BAC) by 4.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 761,277 shares of the financial services provider’s stock after selling 35,332 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Bank of America were worth $19,290,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BAC. Janus Henderson Group PLC increased its stake in Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after acquiring an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after acquiring an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. increased its stake in Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after acquiring an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC increased its stake in Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after acquiring an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD increased its stake in Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after acquiring an additional 7,231,615 shares during the last quarter. Hedge funds and other institutional investors own 68.42% of the company’s stock.

BAC has been the subject of several research analyst reports. Royal Bank of Canada restated a “buy” rating and set a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price target for the company in a research note on Wednesday, August 30th. Credit Suisse Group restated an “outperform” rating on shares of Bank of America in a research note on Tuesday, October 10th. Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Finally, Citigroup restated a “neutral” rating and set a $27.00 price target (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. Bank of America has a consensus rating of “Buy” and an average price target of $26.72.

Bank of America Corp (BAC) opened at $29.78 on Wednesday. The company has a market capitalization of $310,620.00, a PE ratio of 17.31, a P/E/G ratio of 2.08 and a beta of 1.31. Bank of America Corp has a 1-year low of $21.77 and a 1-year high of $30.03. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. Bank of America’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.41 earnings per share. equities analysts forecast that Bank of America Corp will post 1.8 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.91%.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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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.

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

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