Bank of New York Mellon Corp Reduces Position in Bank of America Corporation $BAC

Bank of New York Mellon Corp reduced its position in shares of Bank of America Corporation (NYSE:BAC) by 7.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 55,980,401 shares of the financial services provider’s stock after selling 4,437,006 shares during the period. Bank of America comprises about 0.5% of Bank of New York Mellon Corp’s holdings, making the stock its 29th largest position. Bank of New York Mellon Corp’s holdings in Bank of America were worth $2,648,993,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Deutsche Bank AG boosted its position in shares of Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Amundi raised its holdings in Bank of America by 3.7% during the first quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after purchasing an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Bank of America by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock valued at $1,333,351,000 after buying an additional 188,638 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Bank of America by 5.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,562,952 shares of the financial services provider’s stock valued at $783,759,000 after buying an additional 894,027 shares during the last quarter. Finally, National Pension Service lifted its position in Bank of America by 2.4% in the first quarter. National Pension Service now owns 12,970,274 shares of the financial services provider’s stock valued at $541,250,000 after acquiring an additional 300,944 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Morgan Stanley raised their price objective on Bank of America from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Wall Street Zen raised Bank of America from a “sell” rating to a “hold” rating in a research report on Sunday, October 19th. The Goldman Sachs Group decreased their price objective on Bank of America from $60.00 to $58.00 and set a “buy” rating for the company in a report on Monday, October 27th. TD Cowen raised their target price on shares of Bank of America from $59.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Hsbc Global Res cut shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Twenty-three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.59.

Bank of America Stock Performance

NYSE BAC opened at $53.55 on Monday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50 day moving average is $51.03 and its two-hundred day moving average is $47.09. The stock has a market capitalization of $396.63 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.99 and a beta of 1.33. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.64.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 earnings per share. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Bank of America announced that its board has initiated a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.