Meru Capital Group LP lowered its stake in Bank of America Corp (NYSE:BAC) by 87.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,800 shares of the financial services provider’s stock after selling 508,000 shares during the period. Bank of America comprises 6.1% of Meru Capital Group LP’s investment portfolio, making the stock its 6th biggest position. Meru Capital Group LP’s holdings in Bank of America were worth $1,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Gateway Advisory LLC raised its position in Bank of America by 0.4% in the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 45 shares in the last quarter. Arbor Investment Advisors LLC raised its position in Bank of America by 0.3% in the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 46 shares in the last quarter. Lbmc Investment Advisors LLC increased its holdings in shares of Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after acquiring an additional 51 shares during the last quarter. TCI Wealth Advisors Inc. increased its holdings in shares of Bank of America by 0.4% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 54 shares during the last quarter. Finally, Logan Capital Management Inc. increased its holdings in shares of Bank of America by 0.4% in the 1st quarter. Logan Capital Management Inc. now owns 14,632 shares of the financial services provider’s stock valued at $345,000 after acquiring an additional 61 shares during the last quarter. 68.28% of the stock is currently owned by institutional investors.

Shares of Bank of America Corp (NYSE BAC) opened at $28.64 on Thursday. Bank of America Corp has a 1 year low of $21.77 and a 1 year high of $29.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $301,757.56, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 2.00 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $22.08 billion during the quarter, compared to analysts’ expectations of $22.07 billion. During the same period last year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. equities analysts predict that Bank of America Corp will post 1.81 earnings per share for the current fiscal year.

Bank of America announced that its board has authorized a share repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are 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 dividend of $0.12 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.68%. Bank of America’s payout ratio is 27.43%.

A number of research analysts have recently commented on the company. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 price objective (up previously from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Vetr downgraded Bank of America from a “hold” rating to a “sell” rating and set a $26.67 price objective on the stock. in a report on Monday, November 6th. J P Morgan Chase & Co increased their price objective on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Finally, Citigroup reiterated a “neutral” rating and issued a $27.00 price objective (up previously from $25.00) on shares of Bank of America in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $26.25.

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Bank of America Company 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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