Y.D. More Investments Ltd Sells 4,302 Shares of Bank of America Corporation $BAC

Y.D. More Investments Ltd decreased its stake in Bank of America Corporation (NYSE:BAC) by 15.1% in the second quarter, Holdings Channel.com reports. The firm owned 24,216 shares of the financial services provider’s stock after selling 4,302 shares during the period. Y.D. More Investments Ltd’s holdings in Bank of America were worth $1,145,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC boosted 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 buying an additional 403,652 shares during the period. Deutsche Bank AG lifted its holdings in shares of Bank of America by 45.1% in 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 during the last quarter. Amundi boosted its stake 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 purchasing an additional 1,413,313 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Bank of America by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after purchasing an additional 188,638 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Bank of America by 5.7% during 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 purchasing an additional 894,027 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on BAC shares. Morgan Stanley boosted their target price on Bank of America from $67.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Wells Fargo & Company raised their price target on Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. UBS Group increased their target price on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. HSBC boosted their target price on shares of Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Twenty-three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Bank of America Price Performance

BAC opened at $52.57 on Friday. The company has a market capitalization of $383.88 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.99 and a beta of 1.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $54.69. The business’s fifty day simple moving average is $51.63 and its 200-day simple moving average is $48.05.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Bank of America

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.