Bank of America Corp (BAC) Stake Boosted by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. grew its stake in shares of Bank of America Corp (NYSE:BAC) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,049,331 shares of the financial services provider’s stock after acquiring an additional 42,569 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Bank of America were worth $51,930,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of BAC. Janus Henderson Group PLC increased its holdings in shares of Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after acquiring an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Bank of America by 27.8% during the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after acquiring an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Bank of America by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after acquiring an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Bank of America by 52.4% during the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after acquiring an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD increased its holdings in shares of Bank of America by 68.6% during the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after acquiring an additional 7,231,615 shares in the last quarter. Hedge funds and other institutional investors own 68.42% of the company’s stock.

Shares of Bank of America Corp (NYSE:BAC) opened at $29.48 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. Bank of America Corp has a 52-week low of $21.77 and a 52-week high of $29.50. The company has a market capitalization of $302,904.94, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 2.02 and a beta of 1.31.

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

Bank of America announced that its board has approved a stock buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.63%. Bank of America’s dividend payout ratio is presently 27.43%.

Several equities analysts have recently issued reports on the stock. BidaskClub upgraded shares of Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 target price on the stock in a research report on Wednesday, August 30th. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 target price (up previously from $27.00) on shares of Bank of America in a research report on Monday, October 16th. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Finally, Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $26.55.

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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.

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

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