Earnest Partners LLC trimmed its position in shares of Bank of America Corp (NYSE:BAC) by 9.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 257,817 shares of the financial services provider’s stock after selling 25,491 shares during the quarter. Earnest Partners LLC’s holdings in Bank of America were worth $6,533,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BAC. Janus Henderson Group PLC increased its holdings in Bank of America by 587.0% in 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 stake in 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 purchasing an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in 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 purchasing an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD boosted its stake in 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 purchasing an additional 7,231,615 shares during the last quarter. 69.34% of the stock is owned by hedge funds and other institutional investors.

Bank of America Corp (BAC) opened at $31.25 on Thursday. Bank of America Corp has a 1 year low of $22.07 and a 1 year high of $32.67. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $320,963.75, a PE ratio of 20.16, a price-to-earnings-growth ratio of 1.58 and a beta of 1.41.

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

Bank of America declared that its board has approved a share buyback plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

The business 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 $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. Bank of America’s payout ratio is currently 30.97%.

BAC has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Credit Suisse Group raised shares of Bank of America to an “outperform” rating and lifted their target price for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 target price (up previously from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $30.17.

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Bank of America 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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