Legg Mason Asset Management Japan Co. Ltd. Has $1.81 Million Holdings in Bank of America Corp (BAC)

Legg Mason Asset Management Japan Co. Ltd. decreased its position in Bank of America Corp (NYSE:BAC) by 6.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,500 shares of the financial services provider’s stock after selling 4,900 shares during the quarter. Bank of America accounts for about 1.5% of Legg Mason Asset Management Japan Co. Ltd.’s investment portfolio, making the stock its 10th largest holding. Legg Mason Asset Management Japan Co. Ltd.’s holdings in Bank of America were worth $1,808,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Gateway Advisory LLC grew its position in shares of Bank of America by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after buying an additional 45 shares in the last quarter. Arbor Investment Advisors LLC boosted its holdings in Bank of America by 0.3% in the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 46 shares during the period. Lbmc Investment Advisors LLC boosted its holdings in Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares during the period. TCI Wealth Advisors Inc. boosted its holdings in Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 54 shares during the period. Finally, Alpha Omega Wealth Management LLC boosted its holdings in Bank of America by 0.3% in the second quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock worth $613,000 after purchasing an additional 76 shares during the period. 68.28% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of America Corp (BAC) opened at $29.05 on Friday. Bank of America Corp has a one year low of $21.77 and a one year high of $29.31. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The firm has a market cap of $303,009.22, a PE ratio of 16.60, a P/E/G ratio of 2.01 and a beta of 1.31.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the business earned $0.41 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. research analysts predict that Bank of America Corp will post 1.81 EPS for the current year.

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

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 paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s dividend payout ratio is currently 27.43%.

A number of research firms have commented on BAC. Robert W. Baird reaffirmed a “hold” rating and issued a $24.00 price objective on shares of Bank of America in a report on Sunday, October 1st. Deutsche Bank reaffirmed a “hold” rating and issued a $25.00 price objective (up previously from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a report on Friday. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, Vetr raised shares of Bank of America from a “sell” rating to a “hold” rating and set a $25.61 price objective for the company in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. Bank of America presently has a consensus rating of “Buy” and an average target price of $26.32.

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Bank of America 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 (NYSE:BAC)

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