Elm Ridge Management LLC decreased its position in shares of Bank of America Corp (NYSE:BAC) by 16.8% during the 3rd quarter, Holdings Channel reports. The firm owned 402,209 shares of the financial services provider’s stock after selling 81,014 shares during the quarter. Bank of America makes up approximately 4.3% of Elm Ridge Management LLC’s portfolio, making the stock its 9th largest holding. Elm Ridge Management LLC’s holdings in Bank of America were worth $10,192,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of BAC. Lbmc Investment Advisors LLC grew its holdings in shares of Bank of America by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after buying an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. grew its holdings in shares of Bank of America by 0.4% during the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after buying an additional 54 shares during the last quarter. Altavista Wealth Management Inc. grew its holdings in shares of Bank of America by 0.7% during the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after buying an additional 68 shares during the last quarter. Alpha Omega Wealth Management LLC grew its holdings in shares of Bank of America by 0.3% during the second quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock worth $613,000 after buying an additional 76 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management grew its holdings in shares of Bank of America by 0.9% during the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 11,190 shares of the financial services provider’s stock worth $278,000 after buying an additional 98 shares during the last quarter. 69.28% of the stock is currently owned by institutional investors.

Shares of Bank of America Corp (NYSE BAC) opened at $30.33 on Monday. Bank of America Corp has a twelve month low of $22.07 and a twelve month high of $32.67. The firm has a market capitalization of $312,013.81, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 1.54 and a beta of 1.41. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share 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 company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the previous year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. equities research analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.

Bank of America announced that its board has initiated a share buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.58%. Bank of America’s payout ratio is 30.97%.

A number of research firms recently issued reports on BAC. UBS Group set a $27.00 price target on Bank of America and gave the stock a “hold” rating in a report on Monday, October 16th. BMO Capital Markets reissued a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America in a report on Monday, October 16th. Vetr raised Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target on the stock in a report on Monday, October 16th. ValuEngine lowered Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Bank of America has a consensus rating of “Buy” and a consensus price target of $30.17.

COPYRIGHT VIOLATION NOTICE: “Elm Ridge Management LLC Reduces Holdings in Bank of America Corp (BAC)” was originally published by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are accessing this piece of content on another website, it was copied illegally and republished in violation of US & international copyright laws. The correct version of this piece of content can be viewed at https://theolympiareport.com/2018/02/12/elm-ridge-management-llc-reduces-holdings-in-bank-of-america-corp-bac.html.

About Bank of America

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.