Letko Brosseau & Associates Inc. decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 3.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,039,601 shares of the financial services provider’s stock after selling 124,470 shares during the period. Bank of America accounts for about 1.2% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 28th largest position. Letko Brosseau & Associates Inc.’s holdings in Bank of America were worth $117,148,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Squar Milner Financial Services LLC grew its holdings in Bank of America by 1.3% in the 1st quarter. Squar Milner Financial Services LLC now owns 26,723 shares of the financial services provider’s stock valued at $737,000 after buying an additional 348 shares during the last quarter. Barber Financial Group Inc. grew its holdings in Bank of America by 2.1% in the 1st quarter. Barber Financial Group Inc. now owns 17,150 shares of the financial services provider’s stock valued at $473,000 after buying an additional 360 shares during the last quarter. Rowland & Co. Investment Counsel ADV grew its holdings in Bank of America by 9.7% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock valued at $119,000 after buying an additional 360 shares during the last quarter. Kistler Tiffany Companies LLC grew its holdings in Bank of America by 2.4% in the 2nd quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock valued at $456,000 after buying an additional 365 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its holdings in Bank of America by 2.0% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock valued at $553,000 after buying an additional 368 shares during the last quarter. 69.50% of the stock is currently owned by institutional investors and hedge funds.

Shares of BAC stock traded down $0.07 during mid-day trading on Thursday, reaching $26.36. The stock had a trading volume of 39,543,886 shares, compared to its average volume of 57,185,536. The company has a 50 day moving average of $29.20. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America Corp has a one year low of $22.66 and a one year high of $31.49. The company has a market capitalization of $257.28 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 1.09 and a beta of 1.54.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. During the same quarter last year, the company earned $0.63 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corp will post 2.83 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, September 5th. This is an increase from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s dividend payout ratio (DPR) is 22.99%.

Bank of America declared that its board has approved a stock buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of analysts have issued reports on BAC shares. Berenberg Bank set a $30.00 target price on Bank of America and gave the company a “hold” rating in a report on Monday, June 17th. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a report on Wednesday, April 17th. Atlantic Securities downgraded Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective for the company. in a research report on Tuesday, April 30th. Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research report on Wednesday, July 10th. Finally, Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $32.00 to $36.00 in a research report on Friday, July 26th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $32.89.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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

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