Bank of America Corp (NYSE:BAC) Shares Sold by Ninety One UK Ltd

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Ninety One UK Ltd trimmed its holdings in shares of Bank of America Corp (NYSE:BAC) by 25.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,781,322 shares of the financial services provider’s stock after selling 2,613,180 shares during the period. Ninety One UK Ltd owned 0.09% of Bank of America worth $184,806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. Public Investment Fund acquired a new stake in shares of Bank of America during the 1st quarter worth about $487,569,000. EdgePoint Investment Group Inc. purchased a new position in shares of Bank of America in the 2nd quarter valued at $350,740,000. Himalaya Capital Management LLC acquired a new stake in Bank of America during the 1st quarter worth $262,381,000. Nordea Investment Management AB raised its stake in Bank of America by 94.2% during the 2nd quarter. Nordea Investment Management AB now owns 14,883,900 shares of the financial services provider’s stock worth $348,432,000 after acquiring an additional 7,218,779 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in Bank of America by 51.6% in the second quarter. Bessemer Group Inc. now owns 21,055,944 shares of the financial services provider’s stock valued at $500,078,000 after acquiring an additional 7,164,156 shares during the last quarter. 68.19% of the stock is owned by institutional investors and hedge funds.

In related news, major shareholder Berkshire Hathaway Inc bought 33,902,623 shares of the company’s stock in a transaction on Wednesday, July 22nd. The stock was bought at an average cost of $23.99 per share, with a total value of $813,323,925.77. Insiders have acquired 85,092,006 shares of company stock worth $2,070,253,228 over the last 90 days. 0.20% of the stock is currently owned by company insiders.

A number of analysts have recently commented on BAC shares. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Societe Generale raised Bank of America from a “hold” rating to a “buy” rating in a research report on Tuesday, July 7th. Credit Suisse Group reissued a “buy” rating and issued a $31.00 price objective on shares of Bank of America in a report on Monday, August 3rd. Seaport Global Securities initiated coverage on shares of Bank of America in a report on Wednesday, July 8th. They issued a “neutral” rating on the stock. Finally, Wells Fargo & Company downgraded shares of Bank of America to a “sell” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $29.61.

Shares of Bank of America stock traded down $0.47 during trading on Tuesday, reaching $25.28. The company’s stock had a trading volume of 63,757,223 shares, compared to its average volume of 72,758,633. The business has a 50 day moving average price of $25.65 and a 200-day moving average price of $24.25. Bank of America Corp has a 12-month low of $17.95 and a 12-month high of $35.72. The company has a market capitalization of $219.03 billion, a P/E ratio of 12.23, a price-to-earnings-growth ratio of 2.24 and a beta of 1.54. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 1.08.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, July 16th. The financial services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $22.30 billion during the quarter, compared to the consensus estimate of $21.71 billion. Bank of America had a return on equity of 9.11% and a net margin of 19.09%. Bank of America’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.74 earnings per share. Research analysts predict that Bank of America Corp will post 1.62 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Thursday, September 3rd. Bank of America’s dividend payout ratio is currently 24.49%.

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 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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