Harvest Portfolios Group Inc. Sells 20,706 Shares of Bank of America Corporation $BAC

Harvest Portfolios Group Inc. lessened its holdings in shares of Bank of America Corporation (NYSE:BAC) by 13.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 132,382 shares of the financial services provider’s stock after selling 20,706 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Bank of America were worth $6,264,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Deutsche Bank AG grew its position in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after purchasing an additional 14,960,086 shares during the period. Unisphere Establishment raised its holdings in Bank of America by 1,642.5% during the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after buying an additional 3,954,250 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in Bank of America in the second quarter valued at approximately $164,623,000. Maverick Capital Ltd. acquired a new position in shares of Bank of America in the first quarter valued at approximately $152,098,000. Finally, AMF Tjanstepension AB increased its position in shares of Bank of America by 62.9% during the second quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after acquiring an additional 3,438,876 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE:BAC opened at $53.38 on Friday. The stock has a market capitalization of $389.81 billion, a PE ratio of 14.54, a P/E/G ratio of 1.99 and a beta of 1.34. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $53.99. The firm has a fifty day simple moving average of $51.28 and a 200 day simple moving average of $47.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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 expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

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

Bank of America Dividend Announcement

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%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Wells Fargo & Company increased their price objective on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft upped their price target 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. Royal Bank Of Canada reiterated an “outperform” rating on shares of Bank of America in a report on Thursday. Oppenheimer increased their target price on shares of Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, Phillip Securities lifted their price target on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Twenty-three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Company 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.