Harel Insurance Investments & Financial Services Ltd. Has $2.59 Million Stake in Bank of America Corporation $BAC

Harel Insurance Investments & Financial Services Ltd. reduced its stake in shares of Bank of America Corporation (NYSE:BAC) by 19.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,827 shares of the financial services provider’s stock after selling 13,058 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Bank of America were worth $2,594,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Boston Common Asset Management LLC raised its position in shares of Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the period. Disciplined Investments LLC bought a new stake in Bank of America during the 2nd quarter worth approximately $217,000. Nicholas Hoffman & Company LLC. raised its holdings in Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the period. Sunbeam Capital Management LLC raised its holdings in Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after buying an additional 439 shares during the period. Finally, CCG Wealth Management LLC bought a new position in Bank of America in the second quarter valued at approximately $287,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. Argus raised their price objective on shares of Bank of America from $53.00 to $58.00 in a report on Friday, October 17th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Phillip Securities raised their price target on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Finally, Daiwa Capital Markets boosted 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 analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average price target of $57.59.

Bank of America Price Performance

Shares of BAC opened at $53.55 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 company’s fifty day simple moving average is $51.03 and its 200 day simple moving average is $47.02. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.64. The company has a market cap of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 earnings per share. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a stock repurchase plan on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is presently 30.52%.

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