Bank of America Corp (NYSE:BAC) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC lowered its stake in Bank of America Corp (NYSE:BAC) by 4.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,628,386 shares of the financial services provider’s stock after selling 862,168 shares during the period. Bank of America comprises 2.6% of Pzena Investment Management LLC’s investment portfolio, making the stock its 7th biggest position. Pzena Investment Management LLC owned approximately 0.19% of Bank of America worth $497,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Green Square Capital LLC grew its stake in shares of Bank of America by 4.1% in the 1st quarter. Green Square Capital LLC now owns 46,041 shares of the financial services provider’s stock valued at $1,086,000 after purchasing an additional 1,801 shares during the last quarter. Lowe Brockenbrough & Co. Inc. grew its stake in shares of Bank of America by 33.6% in the 1st quarter. Lowe Brockenbrough & Co. Inc. now owns 18,303 shares of the financial services provider’s stock valued at $432,000 after purchasing an additional 4,603 shares during the last quarter. McQueen Ball & Associates Inc. grew its stake in shares of Bank of America by 2.6% in the 2nd quarter. McQueen Ball & Associates Inc. now owns 29,131 shares of the financial services provider’s stock valued at $707,000 after purchasing an additional 750 shares during the last quarter. Stillwater Investment Management LLC grew its stake in shares of Bank of America by 0.3% in the 2nd quarter. Stillwater Investment Management LLC now owns 103,671 shares of the financial services provider’s stock valued at $2,515,000 after purchasing an additional 323 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. grew its stake in shares of Bank of America by 57.3% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 120,829 shares of the financial services provider’s stock valued at $2,931,000 after purchasing an additional 44,018 shares during the last quarter. 69.51% of the stock is currently owned by institutional investors.

Bank of America Corp (BAC) traded down $0.55 during mid-day trading on Friday, reaching $31.95. The company’s stock had a trading volume of 96,971,924 shares, compared to its average volume of 63,620,000. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $32.67. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market capitalization of $333,260.00, a P/E ratio of 20.75, a PEG ratio of 1.62 and a beta of 1.41.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. equities analysts predict that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.

Bank of America announced that its Board of Directors has authorized a stock buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.

Several research analysts have weighed in on BAC shares. Citigroup reiterated a “neutral” rating and issued a $27.00 target price (up from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Vetr upgraded Bank of America from a “sell” rating to a “hold” rating and set a $25.61 price target on the stock in a research note on Monday, October 9th. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Bank of America in a report on Tuesday, October 10th. Finally, Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a report on Friday, October 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and an average target price of $30.17.

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Bank of America Company 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.

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

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