Bank of America Corporation (BAC) is Sirios Capital Management L P’s 2nd Largest Position

Sirios Capital Management L P lowered its holdings in Bank of America Corporation (NYSE:BAC) by 12.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,772,148 shares of the financial services provider’s stock after selling 829,718 shares during the period. Bank of America Corporation comprises 7.0% of Sirios Capital Management L P’s portfolio, making the stock its 2nd largest position. Sirios Capital Management L P owned 0.05% of Bank of America Corporation worth $140,032,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of BAC. Investec Asset Management LTD boosted its holdings in Bank of America Corporation by 163.4% in the first quarter. Investec Asset Management LTD now owns 10,540,710 shares of the financial services provider’s stock valued at $248,655,000 after purchasing an additional 6,538,908 shares during the last quarter. Karp Capital Management Corp purchased a new position in Bank of America Corporation in the first quarter valued at about $91,522,000. APG Asset Management N.V. boosted its holdings in Bank of America Corporation by 14.8% in the second quarter. APG Asset Management N.V. now owns 30,054,575 shares of the financial services provider’s stock valued at $729,124,000 after purchasing an additional 3,868,186 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in Bank of America Corporation by 56.2% in the first quarter. Artisan Partners Limited Partnership now owns 10,462,017 shares of the financial services provider’s stock valued at $246,799,000 after purchasing an additional 3,764,582 shares during the last quarter. Finally, Hexavest Inc. purchased a new position in Bank of America Corporation in the second quarter valued at about $63,918,000. 61.58% of the stock is owned by hedge funds and other institutional investors.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter in the previous year, the company posted $0.41 EPS. Bank of America Corporation’s revenue was up 2.1% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.75%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 27.43%.

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A number of research analysts have commented on the company. J P Morgan Chase & Co increased their target price on Bank of America Corporation from $27.50 to $28.50 and gave the stock an “overweight” rating in a report on Wednesday. BidaskClub raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. UBS AG set a $27.00 target price on Bank of America Corporation and gave the stock a “hold” rating in a report on Monday, October 16th. Nomura increased their target price on Bank of America Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, October 16th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $29.00 target price (up previously from $27.00) on shares of Bank of America Corporation in a report on Monday, October 16th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $25.57.

In related news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.

Bank of America Corporation Profile

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.

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

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