Mayo Investment Advisers LLC cut its holdings in Bank of America Corporation (NYSE:BAC) by 47.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,500 shares of the financial services provider’s stock after selling 15,500 shares during the period. Mayo Investment Advisers LLC’s holdings in Bank of America Corporation were worth $425,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Korea Investment CORP grew its holdings in shares of Bank of America Corporation by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after acquiring an additional 390,771 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Bank of America Corporation by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after acquiring an additional 1,007,405 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Bank of America Corporation by 0.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 33,108,834 shares of the financial services provider’s stock valued at $803,221,000 after acquiring an additional 173,379 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Bank of America Corporation by 1.9% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 30,340,696 shares of the financial services provider’s stock valued at $736,065,000 after acquiring an additional 553,349 shares in the last quarter. Finally, APG Asset Management N.V. grew its holdings in shares of 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 acquiring an additional 3,868,186 shares in the last quarter. 62.19% of the stock is owned by institutional investors.

Bank of America Corporation (NYSE BAC) opened at $26.62 on Friday. The company has a market capitalization of $277,662.84, a price-to-earnings ratio of 15.21, a P/E/G ratio of 1.84 and a beta of 1.31. 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 Corporation has a 12 month low of $19.87 and a 12 month high of $27.98.

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

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.80%. Bank of America Corporation’s dividend payout ratio (DPR) is currently 27.43%.

Several equities analysts have recently issued reports on BAC shares. Instinet reaffirmed a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a report on Saturday, July 22nd. BidaskClub lowered Bank of America Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Wells Fargo & Company started coverage on Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price for the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a report on Friday, August 11th. Finally, Vetr raised Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.29 target price for the company in a report on Monday, August 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $25.82.

ILLEGAL ACTIVITY NOTICE: This news story was originally published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this news story on another site, it was illegally copied and republished in violation of United States and international copyright legislation. The correct version of this news story can be viewed at https://www.thecerbatgem.com/2017/11/19/mayo-investment-advisers-llc-sells-15500-shares-of-bank-of-america-corporation-bac.html.

About Bank of America Corporation

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)

Receive News & Stock Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related stocks with our FREE daily email newsletter.