Bank of America Corporation $BAC Shares Sold by Auxano Advisors LLC

Auxano Advisors LLC lessened its position in shares of Bank of America Corporation (NYSE:BAC) by 17.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,524 shares of the financial services provider’s stock after selling 4,018 shares during the quarter. Auxano Advisors LLC’s holdings in Bank of America were worth $924,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Geode Capital Management LLC increased its stake in shares of Bank of America by 0.3% during the 2nd 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 in the last quarter. Deutsche Bank AG grew its holdings in 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 valued at $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Amundi increased its position 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 buying an additional 1,413,313 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Bank of America by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 31,956,699 shares of the financial services provider’s stock worth $1,333,351,000 after acquiring an additional 188,638 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Bank of America by 5.7% in the second 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. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $52.04 on Thursday. The business’s fifty day moving average price is $51.73 and its 200 day moving average price is $48.29. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $54.69. 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 capitalization of $379.99 billion, a P/E ratio of 14.18, a PEG ratio of 1.99 and a beta of 1.34.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the business posted $0.81 EPS. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America announced that its board has initiated a stock repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is 30.52%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Robert W. Baird raised their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Finally, Barclays boosted their price target on Bank of America from $54.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $57.77.

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.