Main Street Research LLC Lowers Stock Holdings in Bank of America Corporation $BAC

Main Street Research LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 32.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,052 shares of the financial services provider’s stock after selling 4,822 shares during the period. Main Street Research LLC’s holdings in Bank of America were worth $476,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its stake in Bank of America by 10.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 38,071 shares of the financial services provider’s stock valued at $1,589,000 after purchasing an additional 3,495 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Bank of America by 0.4% in the 1st quarter. Brown Advisory Inc. now owns 3,372,376 shares of the financial services provider’s stock valued at $140,729,000 after purchasing an additional 13,943 shares during the last quarter. Hourglass Capital LLC increased its stake in Bank of America by 12.5% during the first quarter. Hourglass Capital LLC now owns 52,687 shares of the financial services provider’s stock worth $2,199,000 after acquiring an additional 5,860 shares during the last quarter. Finally, NTV Asset Management LLC increased its stake in Bank of America by 0.6% during the first quarter. NTV Asset Management LLC now owns 52,906 shares of the financial services provider’s stock worth $2,208,000 after acquiring an additional 301 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.0%

NYSE:BAC opened at $53.56 on Wednesday. The firm has a market capitalization of $396.68 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.00. 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 business’s fifty day moving average price is $51.18 and its 200 day moving average price is $47.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Wednesday, July 23rd that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Bank of America Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BAC shares. Phillip Securities increased their target price on Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Ameriprise Financial raised shares of Bank of America to a “buy” rating in a research report on Wednesday, October 22nd. Evercore ISI boosted their price objective on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $57.59.

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.