Bank of America Corporation $BAC Position Reduced by Acadian Asset Management LLC

Acadian Asset Management LLC lowered its stake in Bank of America Corporation (NYSE:BAC) by 2.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 3,163,896 shares of the financial services provider’s stock after selling 76,236 shares during the period. Acadian Asset Management LLC’s holdings in Bank of America were worth $149,705,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Brighton Jones LLC raised its position in shares of Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Leavell Investment Management Inc. increased its stake in Bank of America by 5.4% during the first quarter. Leavell Investment Management Inc. now owns 16,808 shares of the financial services provider’s stock valued at $701,000 after purchasing an additional 857 shares during the last quarter. SteelPeak Wealth LLC raised its holdings in shares of Bank of America by 6.2% during the first quarter. SteelPeak Wealth LLC now owns 59,691 shares of the financial services provider’s stock worth $2,491,000 after purchasing an additional 3,501 shares during the period. Harmony Asset Management LLC raised its holdings in shares of Bank of America by 22.0% during the first quarter. Harmony Asset Management LLC now owns 19,929 shares of the financial services provider’s stock worth $832,000 after purchasing an additional 3,595 shares during the period. Finally, Beirne Wealth Consulting Services LLC lifted its position in shares of Bank of America by 10.1% in the 1st quarter. Beirne Wealth Consulting Services LLC now owns 10,955 shares of the financial services provider’s stock worth $457,000 after buying an additional 1,008 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BAC shares. Wells Fargo & Company increased their price objective on shares of Bank of America from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Seaport Global Securities upped their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft increased their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. 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 research report on Tuesday, October 7th. Finally, Morgan Stanley upped their price objective on Bank of America from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. Twenty-three 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 presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Price Performance

Shares of BAC opened at $53.22 on Friday. The firm has a market capitalization of $388.62 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Corporation has a one year low of $33.06 and a one year high of $53.99. The stock’s fifty day moving average is $51.33 and its 200-day moving average is $47.57.

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

Bank of America declared that its board has approved a share buyback plan on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Bank of America Announces Dividend

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

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.