Bank of America Corp (BAC) Shares Sold by Dana Investment Advisors Inc.

Dana Investment Advisors Inc. lessened its position in shares of Bank of America Corp (NYSE:BAC) by 2.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,351,298 shares of the financial services provider’s stock after selling 30,468 shares during the quarter. Bank of America comprises 1.6% of Dana Investment Advisors Inc.’s portfolio, making the stock its 15th biggest holding. Dana Investment Advisors Inc.’s holdings in Bank of America were worth $34,242,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Vanguard Group Inc. boosted its holdings in shares of Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in shares of Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after purchasing an additional 1,079,788 shares during the period. Legal & General Group Plc boosted its holdings in shares of Bank of America by 0.7% in the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after purchasing an additional 379,854 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Bank of America by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Bank of America by 13.6% in the 3rd quarter. Canada Pension Plan Investment Board now owns 40,159,612 shares of the financial services provider’s stock worth $1,017,645,000 after purchasing an additional 4,801,300 shares during the period. Institutional investors and hedge funds own 69.34% of the company’s stock.

Shares of Bank of America Corp (NYSE:BAC) opened at $30.33 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $312,010.00, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 1.54 and a beta of 1.41. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $32.67.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to analyst estimates of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. Bank of America’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 EPS. equities research analysts predict that Bank of America Corp will post 2.46 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.

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

A number of equities analysts have recently commented on the company. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. 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 report on Monday, October 16th. Royal Bank of Canada lifted their target price on Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Finally, Barclays lifted their target price on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $30.17.

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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.

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

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