Martingale Asset Management L P Decreases Holdings in Bank of America Corporation (BAC)

Martingale Asset Management L P cut its holdings in shares of Bank of America Corporation (NYSE:BAC) by 84.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,450 shares of the financial services provider’s stock after selling 84,372 shares during the quarter. Martingale Asset Management L P’s holdings in Bank of America Corporation were worth $375,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. M Holdings Securities Inc. boosted its position in Bank of America Corporation by 72.9% during the 1st quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock worth $2,242,000 after acquiring an additional 40,069 shares during the period. Lbmc Investment Advisors LLC boosted its position in Bank of America Corporation by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 51 shares during the period. YHB Investment Advisors Inc. boosted its position in Bank of America Corporation by 17.2% during the 2nd quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock worth $3,917,000 after acquiring an additional 23,729 shares during the period. Montag A & Associates Inc. boosted its position in Bank of America Corporation by 47.4% during the 2nd quarter. Montag A & Associates Inc. now owns 385,764 shares of the financial services provider’s stock worth $9,359,000 after acquiring an additional 123,986 shares during the period. Finally, AQR Capital Management LLC boosted its position in Bank of America Corporation by 21.3% during the 1st quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider’s stock worth $199,635,000 after acquiring an additional 1,483,772 shares during the period. Hedge funds and other institutional investors own 62.04% of the company’s stock.

Shares of Bank of America Corporation (BAC) opened at $26.74 on Tuesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $279,020.00, a price-to-earnings ratio of 15.21, a P/E/G ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a one year low of $20.01 and a one year high of $27.98.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. Bank of America Corporation’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 EPS. equities analysts forecast that Bank of America Corporation will post 1.8 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.80%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is 27.91%.

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A number of brokerages have commented on BAC. BidaskClub lowered Bank of America Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. Vetr upgraded Bank of America Corporation from a “sell” rating to a “strong-buy” rating and set a $33.96 price target for the company in a report on Tuesday, November 7th. J P Morgan Chase & Co lifted their price target on Bank of America Corporation from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. UBS AG set a $27.00 price target on Bank of America Corporation and gave the company a “hold” rating in a report on Monday, October 16th. Finally, Nomura lifted their price target on Bank of America Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $25.82.

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.

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

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