Altfest L J & Co. Inc. reduced its position in Bank of America Corp (NYSE:BAC) by 5.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,369 shares of the financial services provider’s stock after selling 3,386 shares during the period. Altfest L J & Co. Inc.’s holdings in Bank of America were worth $1,403,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. River & Mercantile Asset Management LLP grew its position in Bank of America by 3.1% during the third quarter. River & Mercantile Asset Management LLP now owns 504,000 shares of the financial services provider’s stock valued at $12,769,000 after purchasing an additional 15,000 shares in the last quarter. Boyd Watterson Asset Management LLC OH grew its position in Bank of America by 10.2% during the third quarter. Boyd Watterson Asset Management LLC OH now owns 27,161 shares of the financial services provider’s stock valued at $688,000 after purchasing an additional 2,504 shares in the last quarter. Carnick & Kubik Group LLC purchased a new position in Bank of America during the third quarter valued at approximately $1,536,000. Douglas Lane & Associates LLC grew its position in Bank of America by 3,306.1% during the third quarter. Douglas Lane & Associates LLC now owns 905,091 shares of the financial services provider’s stock valued at $22,935,000 after purchasing an additional 878,518 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. grew its position in Bank of America by 4.6% during the third quarter. Farmers & Merchants Investments Inc. now owns 254,029 shares of the financial services provider’s stock valued at $6,437,000 after purchasing an additional 11,157 shares in the last quarter. 68.42% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have commented on the stock. Wells Fargo & Company set a $35.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. BMO Capital Markets reissued a “market perform” rating and issued a $29.00 target price (up from $27.00) on shares of Bank of America in a research report on Monday, October 16th. UBS set a $27.00 target price on shares of Bank of America and gave the stock a “hold” rating in a research report on Monday, October 16th. Finally, Robert W. Baird reissued a “hold” rating and issued a $24.00 target price on shares of Bank of America in a research report on Sunday, October 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $26.72.

Shares of Bank of America Corp (BAC) opened at $29.48 on Thursday. 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 one year low of $21.77 and a one year high of $29.84. The firm has a market cap of $307,181.47, a price-to-earnings ratio of 16.83, a PEG ratio of 2.05 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, topping the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $22.07 billion. During the same period in the previous year, the company earned $0.41 earnings per share. Bank of America’s revenue for the quarter was up 2.1% on a year-over-year basis. research analysts anticipate that Bank of America Corp will post 1.8 EPS for the current fiscal year.

The company 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.

Bank of America declared that its board has approved a stock buyback plan 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. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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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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