Generali Investments Management Co LLC Sells 2,375 Shares of Bank of America Corporation $BAC

Generali Investments Management Co LLC reduced its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.5% in the second quarter, HoldingsChannel.com reports. The fund owned 92,133 shares of the financial services provider’s stock after selling 2,375 shares during the quarter. Bank of America accounts for 1.0% of Generali Investments Management Co LLC’s holdings, making the stock its 23rd biggest position. Generali Investments Management Co LLC’s holdings in Bank of America were worth $4,354,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Geode Capital Management LLC grew its stake in Bank of America by 0.3% during the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after purchasing an additional 403,652 shares during the period. Deutsche Bank AG boosted its holdings 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 buying an additional 14,960,086 shares in the last quarter. Amundi grew its position in shares of Bank of America by 3.7% during the 1st quarter. Amundi now owns 39,233,293 shares of the financial services provider’s stock worth $1,637,205,000 after buying an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP increased its stake 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 acquiring an additional 188,638 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake 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 acquiring an additional 894,027 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Citigroup raised their price target on shares of Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Barclays raised their target price on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Wolfe Research increased their price target on Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Finally, UBS Group boosted their price objective on Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Twenty-three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

Bank of America Price Performance

Shares of NYSE:BAC opened at $52.57 on Friday. 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 stock has a market cap of $383.88 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The stock’s fifty day simple moving average is $51.63 and its two-hundred day simple moving average is $48.05. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $54.69.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the business posted $0.81 EPS. The business’s revenue was up 10.8% compared to the same quarter last year. As a group, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership 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.