Systematic Financial Management LP decreased its stake in shares of Bank of America Corp (NYSE:BAC) by 6.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 496,354 shares of the financial services provider’s stock after selling 31,704 shares during the period. Systematic Financial Management LP’s holdings in Bank of America were worth $12,578,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of BAC. Janus Henderson Group PLC boosted its position in shares of Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after acquiring an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Bank of America by 27.8% during 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 acquiring an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Bank of America by 1.4% during 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 acquiring an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after acquiring an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD boosted its position in shares of Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after acquiring an additional 7,231,615 shares in the last quarter. Institutional investors own 68.47% of the company’s stock.

A number of analysts recently issued reports on the company. BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. 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. Royal Bank of Canada upped their target price on Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Barclays upped their target price on Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the company’s stock. Bank of America has an average rating of “Buy” and a consensus price target of $29.87.

Bank of America Corp (NYSE BAC) opened at $31.72 on Monday. The stock has a market capitalization of $330,860.00, a P/E ratio of 20.60, a PEG ratio of 1.62 and a beta of 1.32. Bank of America Corp has a one year low of $22.07 and a one year high of $31.79. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. research analysts anticipate that Bank of America Corp will post 2.45 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is 31.17%.

Bank of America declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

ILLEGAL ACTIVITY NOTICE: “Systematic Financial Management LP Sells 31,704 Shares of Bank of America Corp (BAC)” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece of content on another publication, it was illegally stolen and republished in violation of international trademark and copyright legislation. The correct version of this piece of content can be accessed at https://www.thecerbatgem.com/2018/01/22/systematic-financial-management-lp-sells-31704-shares-of-bank-of-america-corp-bac.html.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corp (NYSE:BAC).

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

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